Tom Steyer Positions Himself as Anti-Corporate Progressive in 2026 California Gubernatorial Race

Tom Steyer, billionaire former hedge-fund manager, is contesting the 2026 California gubernatorial race, positioning himself as the sole progressive challenger to a corporate-backed Democratic candidate and a Trump-endorsed Republican.

Newsweek

Incumbent Gov. Gavin Newsom is term-limited, opening a top-two primary that includes Democrat Xavier Becerra, former Health and Human Services Secretary backed by Chevron, Meta, Uber and Airbnb; Democrat Katie Porter; centrist former Los Angeles mayor Antonio Villaraigosa; Republican Steve Hilton, a former Fox News host endorsed by Donald Trump; and Riverside County Sheriff Chad Bianco. Steyer’s campaign emphasizes a populist progressive platform aimed at curbing corporate influence.

Newsweek

Corporate donors have spent “record amounts” and “tens of millions” to oppose Steyer. Steyer proposes to carve commercial property out of Proposition 13, projecting up to $20 billion annually for housing and education. Proposition 13, enacted in 1978, caps property-tax growth for all owners. Farallon Capital, Steyer’s former firm, managed roughly $38 billion in assets.

KQED

Steyer’s platform calls for (1) a commercial-property tax reform to fund affordable housing and schools; (2) a single-payer health-care system; (3) increased competition in electricity markets to lower rates; (4) a statewide AI-training program at community colleges financed by a modest fee on AI calculations; and (5) stricter antitrust enforcement to ensure corporations “pay their fair share.” He frames these measures as steps toward “shared prosperity.”

KQED

Corporate interests backing Becerra argue that Steyer’s tax plan could deter investment. Donald Trump’s endorsement of Steve Hilton highlights a hard-right alternative. Critics warn that raising commercial property taxes may shift costs to renters and small businesses, despite Steyer’s claim that “nobody is moving Disneyland to Austin, Texas, or Miami, Florida, or Reno, Nevada.”

KQED

Sources cite “record amounts” and “tens of millions” in corporate spending but give no precise total. Steyer’s $20 billion revenue estimate for the commercial-property tax split remains unverified, and the 2020 similar proposal was rejected without detailed explanation.

KQED

• “Who is supposed to be in charge of this state, the people or the richest people and the corporations?” — Tom Steyer, Candidate for Governor

Newsweek

• “And, fortunately, corporations don't get to vote.” — Tom Steyer, Candidate for Governor

Newsweek

• “I don’t look at them as doing something evil. I look at them as following their interests rigorously against the interests of working people, and I’m on that side of working people.” — Tom Steyer, KQED Town Hall

KQED

• “Nobody is moving Disneyland to Austin, Texas, or Miami, Florida, or Reno, Nevada,” — Tom Steyer, KQED Town Hall

KQED

The June primary will decide the two contenders for the November ballot; Steyer says he will seek a 2027 special election to place the commercial-property tax measure on the ballot, while corporate spending is expected to intensify.

KQED