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Tag: Rick Caruso

  • Caruso needs “some time” to think on LA mayoral run

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    Rick Caruso just walked back into the political conversation in Los Angeles.

    The billionaire developer, less than a month after announcing he would not enter L.A.’s mayoral or California’s gubernatorial races, is rethinking that decision. Caruso offered that up in an interview with KNX News on Wednesday after the Los Angeles Times published a report alleging Mayor Karen Bass requested certain information be removed or “softened” in the Palisades Fire after-action report. The story cited two anonymous sources. 

    Caruso said he needs time “to process” the story but told KNX he’s “worried about the city.”

    “I don’t have a lot of time to decide, obviously, because we’ve got a looming deadline this Saturday,” he went on to say. “But I’m going to be meeting and talking to the family and we’ll see, you know, what we decide to do.”

    Saturday is the deadline for mayoral hopefuls to file formal paperwork declaring their run for office.  

    This reverses course from the announcement Caruso made last month in which he underscored the significance of the private sector in serving communities and said that would continue to be his focus rather than elected office. Should Caruso change his mind, it sets the stage for a rematch between himself and Bass after the two ran against one another for the mayor’s seat in 2022.

    It would also shake up a mayoral race that just saw Austin Beutner, a former L.A. deputy mayor and Los Angeles Unified School District Superintendent, drop out of the race on Thursday. That leaves a landscape of mostly longshot candidates that include civil engineer Asaad Alnajjar, Democratic Socialists of America member Rae Chen Huang, former “The Hills” reality TV star Spencer Pratt and more than 20 other hopefuls. 

    A spokesperson for Caruso did not respond to requests for comment Thursday.

    Bass’s office called the Times report “muckraking journalism at its lowest form,” in a statement to The Real Deal.

    “The mayor has been clear about her concerns regarding pre-deployment and the [Los Angeles Fire Department’s] response to the fire, which is why there is new leadership at LAFD and why she called for an independent review of the Lachman Fire mop-up,” the statement said. “There is absolutely no reason why she would request those details be altered or erased when she herself has been critical of the response to the fire — full stop. She has said this for months.”

    The mayor’s office declined to address Caruso’s comments on what he finds problematic with the city and its leadership.

    While Caruso shied away from explicitly saying whether Bass should resign based on the claims of the Times story, he clearly thinks the city is lacking on a few fronts.

    He pointed to potholes on the street, dirty sidewalks, public safety concerns and Downtown Los Angeles’s unfinished residential and retail project Oceanwide Plaza. The $1.2 billion mixed-use development is known as the graffiti towers after Oceanwide Holdings ran out of funding to continue construction and the towers became marred with graffiti. 

    Last week, Bloomberg reported a deal may be in the works with a buyer. Still, after years sitting in its current state, Caruso likened the towers to a beacon to the world “that this city is somehow in crisis.”

    “I don’t understand why we have leadership that somehow feels that corruption and doing bad things is OK, and we need to hold people accountable,” he said. “We just shouldn’t be allowing our leadership to be doing the kind of things that, frankly, embarrass the city and don’t represent the greatness and goodness of the city or the people of the city.”

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    Rick Caruso shuts door on political ambitions this year


    Steadfast LA’s Rick Caruso and Samara’s Mike McNamara with 2554 La Fiesta Avenue in Altadena

    Caruso’s scorecard: Public, private and results post-wildfires


    Mayor of Los Angeles Karen Bass with 3980 Bill Robertson Lane

    Missing: Bass’ “State of City” skips specifics on ULA, wildfire rebuilding


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    Kari Hamanaka

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  • Rick Caruso shuts door on political ambitions this year

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    Rick Caruso is out.

    The billionaire developer of Rosewood Miramar Beach, Palisades Village, The Grove and Americana at Brand confirmed late Friday he will not be running for elected office this year. The Instagram post let the air out of speculation about whether Caruso would make another bid for Los Angeles mayor or try the larger stage of California’s gubernatorial campaign.

    Caruso said he weighed where he can be most impactful and considered what public office might mean for his family in making his decision.

    “After much reflection and heartfelt conversations with my family, I have decided not to pursue elected office at this time,” he wrote. “It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”

    Caruso’s name emerged in political conversations in January after the Palisades and Eaton fires ripped through the Pacific Palisades, Malibu and Altadena. The developer was vocal in his critiques of city bureaucracy, while also establishing the nonprofit Steadfast LA aimed at public-private partnerships to expedite rebuilding post-fires.

    One of the biggest victories of that work for real estate is the pending possibility of a Measure United to House LA carveout for Palisades residential homeowners impacted by the fire. That exemption to the so-called mansion tax was proposed by L.A. Mayor Karen Bass to the City Council in October, a request that stemmed from a meeting with Caruso, who was credited with bringing the idea to the table.

    Steadfast also worked with the city on the rebuilding of the Palisades Recreation Center. Meanwhile, Caruso’s company intends to reopen the Palisades Village shopping center this year once renovations are completed. The reopening is seen as a boon to helping woo back more residents to the neighborhood.

    Based on Caruso’s announcement Friday, he appears committed to continuing the Steadfast LA work.

    “Public service does not require a title. It is, and will always be, my calling,” he wrote. “I remain devoted to serving our communities in every way I can, just from a different seat.”

    Current landscape

    Chatter had mounted about another go at a political office, in what would have been a second bid after Caruso lost to Bass in the 2022 mayoral election.

    Friday’s announcement may not be surprising to some, given this year’s political calendar. Indeed, the developer last year said he was weighing his options and would make a decision about a political run at the end of the summer. The primaries for L.A. mayor is set for June 2, with the general election Nov. 3 and a crowded sea of candidates that total 23, including Bass.

    Former “The Hills” reality TV star Spencer Pratt was the most recent to announce his bid for mayor during a rally earlier this month on the one-year anniversary of the Palisades and Eaton fires.

    Outside of Pratt, Democratic Socialist of America member Rae Chen Huang is considered to be another longshot in the mayoral race. Meanwhile, there’s also Los Angeles Unified School District superintendent Austin Beutner in the field, along with a host of lesser-known candidates.

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    Kari Hamanaka

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  • Rick Caruso Eyes Run For… Well, Something – LAmag

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    The real estate mogul signals a major political move as he reflects on the Palisades fire and his future in public life

    Developer Rick Caruso spent his 66th birthday last Jan. 7 watching helplessly as a hurricane of flames devoured his beloved Pacific Palisades, a community where he both worked and lived. His home was heavily damaged, but it is still standing. His daughter, Gigi, and son, Justin, were not as fortunate, with each of them losing their homes in the flames.

    On Wednesday, Caruso’s birthday celebration was decidedly more hopeful. Surrounded by his wife Tina and their four children, along with his Saint Monica’s Catholic Parish Monsignor, and a rabbi to “cover all the bases,” he joked, Caruso dedicated a display similar to the one that lights up the night sky in lower Manhattan every September 11 to commemorate the tragedy at the twin towers. Only “Three Beams of Light,” which Caruso calls a symbol of “reflection, gratitude and hope,” commemorate the 31 lives lost across Los Angeles County – a dozen of those victims killed in the Palisades fire that ravaged his neighborhood – along with all of those whose possessions, memories and livelihood remain in limbo after wind-fueled firestorms ripped through their lives in fires that began on Jan. 7 and were not completely extinguished until Jan. 31, 2025.

    The three beams represented symbols of unity between the impacted communities and of the strength and resilience of all Angelenos. 

    “Three Beams of Light” will illuminate the night sky until Jan. 31 at Palisades Village
    Credit: Irvin Rivera

    Wednesday evening’s dedication ceremony in Palisades Village, which was completely unscathed by flames, came on a day that hundreds of the Caruso family’s neighbors took to the street for protests and fury. During a “They Let Us Burn” event, one of its organizers, lifelong resident of the Pacific Palisades Spencer Pratt, announced that instead of complaining about Mayor Karen Bass and pointing out the city’s failures in handling the Palisades fire, he was going to run to replace her. “I wish him all the best,” Caruso told Los Angeles in an interview on Wednesday night about Pratt’s Mayoral candidacy. “I think it’s great that people are getting into races.”

    But when asked about his own political aspirations, Caruso said that the grim anniversary of the deadly fire was “not a day for politics,” but that an announcement is imminent. All signs are pointing to a Gubernatorial run for the billionaire real estate developer. He has hired a political staff that works primarily in state, not local politics, and has indicated to deep-pocketed donors that he is eyeing a seat in Sacramento.

    In the Los Angeles interview, Caruso seemed to support that he plans to run for California’s highest office, saying: “If I am going to go do this, I want to go to a place where I am going to get the most done and have the greatest impact to help people.” Caruso added that his announcement will be made within the next two weeks. “When I announce, I will give up my logic.”

    One thing that is off the table, however, is not running for anything at all, Caruso said.

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    Michele McPhee

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  • Former schools chief Austin Beutner plans to challenge Bass, blasting her over Palisades fire

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    Former L.A. schools Supt. Austin Beutner is planning to announce a challenge to Mayor Karen Bass in the 2026 election, arguing that the city has failed to properly respond to crime, rising housing costs and the devastating Palisades fire.

    Beutner, a philanthropist and former investment banker who lives in L.A.’s Pacific Palisades neighborhood, would become the first serious challenger to Bass, who is running for her second and final term.

    Beutner said in an interview Saturday that city officials at all levels showed a “failure of leadership” on the fire, which destroyed thousands of homes and left 12 people dead.

    The inferno seriously damaged Beutner’s house, forcing him and his family to rent elsewhere in the neighborhood, and destroyed his mother-in-law’s home entirely.

    “When you have broken hydrants, a reservoir that’s broken and is out of action, broken [fire] trucks that you can’t dispatch ahead of time, when you don’t pre-deploy at the adequate level, when you don’t choose to hold over the Monday firefighters to be there on Tuesday to help fight the fire — to me, it’s a failure of leadership,” Beutner said.

    “At the end of the day,” he added, “the buck stops with the mayor.”

    A representative for Bass’ campaign declined to comment.

    Beutner’s attacks come days after federal prosecutors filed charges in the Palisades fire, accusing a 29-year-old of intentionally starting a New Year’s Day blaze that later rekindled into the deadly inferno.

    With the federal investigation tied up, the Fire Department released a long-awaited after-action report Wednesday. The 70-page report found that firefighters were hampered by poor communication, inexperienced leadership, a lack of resources and an ineffective process for recalling them back to work. Bass announced a number of changes in light of the report.

    Beutner, a onetime advisor to Mayor Antonio Villaraigosa, could pose a serious political threat to Bass. He would come to the race with a wide range of experiences — finance, philanthropy, local government and even the struggling journalism industry.

    Although seven other people have filed paperwork to run for her seat, none have the fundraising muscle or name recognition to mount a major campaign. Rick Caruso, the real estate developer whom Bass defeated in 2022, has publicly flirted with the idea of another run but has stopped short of announcing a decision.

    Bass beat Caruso by a wide margin in 2022 even though the shopping mall mogul outspent her by an enormous margin. Caruso has been an outspoken critic of her mayorship, particularly on her response to the Palisades fire.

    Fernando Guerra, director of the Center for the Study of Los Angeles at Loyola Marymount University, said he believes that Beutner would face an uphill climb in attempting to unseat Bass — even with the criticism surrounding the handling of the Palisades fire. However, his entry into the race could inspire other big names to launch their own mayoral campaigns, shattering the “wall of invincibility” that Bass has tried to create.

    “If Beutner jumps in and starts to get some traction, it makes it easier for Caruso to jump in,” Guerra said. “Because all you’ve got to do is come in second in the primary [election], and then see what happens in the general.”

    Earlier Saturday, The Times reported that Beutner’s longtime X account had featured — then quickly removed — the banner image “AUSTIN for LA MAYOR,” along with the words: “This account is being used for campaign purposes by Austin Beutner for LA Mayor 2026.” That logo was also added and then removed from other Beutner social media accounts.

    Beutner’s announcement, which is currently planned for Monday, comes in a year of crises for the mayor and her city. She was out of the country in January, taking part in a diplomatic mission to Ghana, when the ferocious Palisades fire broke out.

    Upon her return, she faced withering criticism over the city’s preparation for the high winds, as well as Fire Department operations and the overall emergency response.

    In the months that followed, the city was faced with a $1-billion budget shortfall, triggered in part by pay raises for city workers that were approved by Bass. To close the gap, the City Council eliminated about 1,600 vacant positions, slowed down hiring at the Los Angeles Police Department and rejected Bass’ proposal for dozens of additional firefighters.

    By June, Bass faced a different emergency: waves of masked and heavily armed federal agents apprehending immigrants at car washes, Home Depots and elsewhere, sparking furious street protests.

    Bass’ standing with voters was badly damaged in the wake of the Palisades fire, with polling in March showing that fewer than 20% of L.A. residents gave her fire response high marks.

    But after President Trump put the city in his cross hairs, the mayor regained her political footing, responding swiftly and sharply. She mobilized her allies against the immigration crackdown and railed against the president’s deployment of the National Guard, arguing that the soldiers were “used as props.”

    Beutner — who, like Bass, is a Democrat — said he voted for Bass four years ago and had come to regret his choice.

    He described Los Angeles as a city “adrift,” with unsolved property crimes, rising trash fees and housing that is unaffordable to many.

    Beutner said that he supports Senate Bill 79, the law that will force the city to allow taller, denser buildings near rail stations, “in concept.”

    “I just wish that we had leadership in Los Angeles that had been ahead of this, so we would have had a greater say in some of the rules,” he said. “But conceptually, yes, we’ve got to build more housing.”

    Bass had urged Gov. Gavin Newsom not to sign the bill into law, which he did on Friday.

    Beutner is a co-founder and former president of Evercore Partners, a financial services company that advises its clients on mergers, acquisitions and other transactions. In 2008, he retired from that firm — now simply called Evercore Inc. — after he was seriously injured in a bicycling accident.

    In 2010, he became Villaraigosa’s jobs czar, taking on the elevated title of first deputy mayor and receiving wide latitude to strike business deals on Villaraigosa’s behalf, just as the city was struggling to emerge from its worst economic downturn since the Great Depression.

    Slightly more than a year into his job, Beutner filed paperwork to begin exploring a run for mayor. He secured the backing of former Mayor Richard Riordan and many in the business community but pulled the plug in 2012.

    In 2014, Beutner became publisher of the Los Angeles Times, where he focused on digital experimentation and forging deeper ties with readers. He lasted roughly a year in that job before Tribune Publishing Co., the parent company of The Times, ousted him.

    Three years later, Beutner was hired as the superintendent of L.A. Unified, which serves schoolchildren in Los Angeles and more than two dozen other cities and unincorporated areas. He quickly found himself at odds with the teachers union, which staged a six-day strike.

    The union settled for a two-year package of raises totaling 6%. Beutner, for his part, signed off on a parcel tax to generate additional education funding, but voters rejected the proposal.

    In 2022, after leaving the district, Beutner led the successful campaign for Proposition 28, which requires that a portion of California’s general fund go toward visual and performing arts instruction.

    Earlier this year, Beutner and several others sued L.A. Unified, accusing the district of violating Proposition 28 by misusing state arts funding and failing to provide legally required arts instruction to students.

    He also is immersed in philanthropy, having founded the nonprofit Vision to Learn, which provides vision screenings, eye exams and glasses to children in low-income communities.

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    David Zahniser, Julia Wick

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  • Caruso: LA resi development market “redlined now”

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    Los Angeles-based developer Caruso hasn’t built in its hometown for years–and that’s intentional.

    Rick Caruso, who runs his namesake company, revealed that strategy on Thursday when he took the stage during Bloomberg’s Screentime conference held at the campus of Nya Studios in Hollywood. Caruso delivered a talk mainly to the Hollywood, media and tech crowd, but nevertheless focused on the city’s issues around affordable housing, taxes and post-wildfire rebuilding.

    “As a company that takes great pride in being L.A. based, we no longer build within the city of Los Angeles because of the unpredictability, the cost of doing it [and] the multiple layers of bureaucracy you have to go through for approvals,” Caruso said on stage. “And I made that decision long before I ever ran for office [in 2022].”

    The developer of retail centers, including Americana at Brand, The Grove, and Palisades Village, went on to attribute 40 percent of housing costs to regulations. That includes the permitting process, parking requirements for multifamily, energy efficiency and seismic standards and environmental impact reviews. Since 2023, developers can also tack Measure ULA, a city-specific tax on all property transactions starting at $5.3 million, on the other end of the deal, often making an eventual sale more difficult or less profitable.

    “What people need to understand, what leadership needs to understand, is money is going to travel in directions that have the less friction to it, the less risk to it,” Caruso said. “And L.A. is redlined now, because of the fires, because of the homeless problem, because of the crime problem. Find a crane in L.A. In 10 years, the lowest amount of housing is now.”

    Caruso delivered a roughly 20-minute talk on stage in which he walked the line between airing out issues in the city from the perspective of a developer and resident, to campaigning.

    That would include what some have viewed as attacks on Los Angeles Mayor Karen Bass since January’s Palisades Fire. Wednesday’s release by the fire department of the after-action report for the blaze further fanned critiques around the wildfire response. The long-awaited assessment indicated a number of operational lapses, including communication issues, lack of adequate staffing and water supply problems.  

    “I didn’t go on the attack; I was honest,” Caruso said when asked about his statements made around the fire. “Some people think I’m attacking Karen Bass. I’m not attacking Karen Bass. I’m saying what the facts are and now we know it. It’s in black and white.”

    Chatter has continued to mount since January on whether Caruso might make another run for Los Angeles mayor or perhaps a go at California governor. He has repeatedly stated publicly his intent to make a decision by the end of the summer.

    With that deadline now passed, Caruso kicked the can further into the future and said he’ll decide “when I decide.”

    “You know what I’m waiting for? I’m taking this very seriously,” he said at the conference before stating his priority is Steadfast LA and the rebuilding.

    The nonprofit he launched in February has focused on public-private partnerships aimed at expediting rebuilding in Altadena, Pacific Palisades and Malibu. The group linked early on with prefab home builder and Airbnb spinoff Samara on a program that will give about 100 homes to fire survivors unable to rebuild their homes.

    Caruso’s also been credited with pushing for the use of Archistar, an artificial intelligence-backed software that is now being used by the city of Los Angeles and Los Angeles County to fast-track permitting. Steadfast, LA Strong Sports and the city of L.A. also partnered to rebuild the Palisades Park and Recreation Center.

    “I don’t want to be a candidate; I want to get this work done,” he said. “I’ve got time to be a candidate.”

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    Airbnb spinoff expects ADU boom as wildfire rebuilding ramps up


    If Governor, Caruso Would Be All About “Attacking” Regs

    If Rick Caruso were California’s next governor, it’d be all about “attacking regulation”


    Palisades Village Aiming for 2026 Reopening

    Rick Caruso’s Palisades Village slated for reopening in 2026


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    Kari Hamanaka

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  • Rick Caruso Undecided on 2026 Bid: L.A. Mayor or Governor?

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    Rick Caruso told Bloomberg TV on Wednesday that he has not decided whether he will run for the position of Mayor of Los Angeles or Governor of California.

    Rick Caruso ran against Karen Bass in the elections for Los Angeles mayor in 2022.

    On Wednesday, businessman and philanthropist Rick Caruso told Bloomberg TV that he has not decided whether he will run for California Governor or Los Angeles mayor.

    If he chose to run for mayor, Caruso would be running once again, following his loss to Karen Bass in 2022. Since Bass’s election, Caruso has been critical of the mayor’s actions regarding the 2025 Palisades fires, as he felt that she carried out a negligent response to the fires.

    Though Caruso was not in office as mayor, he took the initiative to respond to the fires himself, creating his own nonprofit called Steadfast LA, which was aimed at speeding up the recovery and rebuilding process for Los Angeles communities that were impacted by the fires.

    Caruso’s passion for rebuilding LA after the devastating fires extends to his criticism against the governor, whom he may run to replace in the elections. Current Governor Gavin Newsom has asked for $40 billion for California to rebuild after the fires from the federal government, but the motion has not passed through Congress. The businessman called on Newsom to stop bickering with Trump and instead to work with him on getting the money to California. 

    “We need federal funding and we’re getting none of that,” Caruso stated. “I don’t think the bickering and name-calling that’s going on serves any purpose of advancing the negotiations or discussions in getting federal help in Los Angeles.”

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    Ava Mitchell

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