Billionaire Rick Caruso Enters Los Angeles Mayoral Race

rick caruso
rick caruso

Rick Caruso, who made his billions in the real estate, has joined a long list of contestants for the Los Angeles mayor. He has moved into a packed field in the second-largest American city after years of speculation about his intention.

Rick Caruso’s entry had been subject to intense speculation in recent years. he filed his declaration on Friday hours before the deadline was to expire. He will likely make an official declaration next week.

He told that it was a significant day for him and his family as he spoke to reporters in an industrial part of downtown Los Angeles. He expressed his love for the city and its diversity. He said he was keen to be part of the race.

A protester briefly drowned out his statement with a profanity-laced attack saying that the residents of the city did not want a billionaire as a mayor.

Rick Caruso’s Immense Fortune Could Be A Factor

Rick Caruso built his fortune on shopping centers that have his signature care for detail. His luxury malls include Americana and Grove. He is headed for a high-stake, self-funded campaign. He filed his nomination hours before the filing deadline.

His immense fortune would be an influential asset where it has become expensive to run a campaign. He served as the chief of the Police Commission in the city and is also the University of South California’s chairman of the board of trustees.

Rick Caruso follows in the line of philanthropist and businessman Eli Broad, and investment banker Richard Riordan. Caruso’s wealth and experience make him a decent prospect to work as a conservative candidate among the left-leaning democrats.

There have been substantive changes in the past political dynamics of the city. Critics say his brand of leadership will not cut much ice in a city that has been heavily divided along racial lines. The vast economic inequality and the massive housing crisis have become intense challenges that Rick Caruso will come up against.