You know that feeling when you spend over $100 million on a job interview and still don't get the gig? That was Rick Caruso Los Angeles in 2022. Most people figured he’d just retreat to his yacht or go back to counting the receipts at The Grove. Honestly, for a while, it looked like he did. But if you’ve been paying attention to LA lately, specifically after those brutal wildfires last January, you’ve probably noticed he’s back. And he’s not exactly playing nice with the people who won.
It’s January 2026. The dust from the 2022 mayoral race has long since settled, but the shadow Caruso casts over the city is arguably bigger than ever. He’s currently positioning himself as a sort of "shadow mayor," and he’s doing it by leaning hard into private-sector solutions for things the city government is struggling to fix.
The Post-Election Pivot
After losing to Karen Bass, Caruso didn't disappear. He changed tactics. He realized that while he didn't have the title of Mayor, he had the one thing the city often lacks: liquidity and speed.
When the Eaton and Palisades fires tore through Southern California in early 2025, the response from City Hall was, frankly, a mess. People were stuck in permitting hell. That’s when Caruso launched Steadfast LA. It’s this massive nonprofit coalition that basically does what the city should be doing but faster. He’s been very vocal—some might say "political"—about how local leaders dropped the ball.
Why people are still talking about him
- The Rebuilding Game: Through Steadfast LA, he’s pushing AI-driven permitting software. Think about that. A private citizen is funding technology to help the government do its job better because the current system is too slow for fire victims.
- The "Shadow Mayor" Energy: He’s been touring disaster sites, handing out modular homes to families who lost everything. It looks like a campaign stop, even though there isn't an official campaign... yet.
- The Business Empire: While all this is happening, his properties like The Grove and The Americana at Brand are still absolute juggernauts. Revolve just opened a massive permanent flagship at The Grove this month. People still want to be in "Carusoland."
Rick Caruso Los Angeles and the 2026 Rumors
If you go to a dinner party in Brentwood or the Palisades right now, the conversation eventually turns to: "Is Rick running again?"
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The rumors are flying that he’s eyeing another run for Mayor in 2026 or maybe even Governor. He recently went on the Hoover Institution's GoodFellows show and didn't exactly shut the door. He spent a good chunk of that time railing against "career politicians" who make excuses for why the water didn't work during the fires. It’s the same 2022 playbook, but this time he has fresh receipts of government failure to point at.
But here is the thing. Rick Caruso Los Angeles politics is a polarizing topic. To some, he's the billionaire savior who gets things done when the bureaucracy fails. To others, he's a "Democrat of convenience" who’s just trying to buy his way into power because he’s bored with real estate.
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The Real Estate Reality Check
Despite the political noise, his business is still his base. His net worth is sitting somewhere north of $5.9 billion. That’s a lot of mall rent. But it’s more than malls. Caruso has been moving into high-end residential and even office spaces, which is a gutsy move in a world where most office buildings are basically ghost towns.
He’s betting on "experience." You don't go to a Caruso property just to buy a pair of jeans; you go to see the fountain dance and feel like you're in a movie. That same philosophy is what he tried to sell to voters: that he could make Los Angeles feel like a "managed" property where the streets are clean and the security is tight.
What Most People Get Wrong
There’s a misconception that Caruso is just a "mall guy." That's a massive oversimplification. He’s a guy who understands land use and infrastructure better than almost anyone in the city. When he talks about removing the City Council from land-use decisions, it’s not just a talking point; it’s a direct attack on how LA has functioned for decades.
He argues that the reason we have a housing crisis and a homelessness crisis is that we’ve made it impossible to build anything without a bribe or a ten-year wait. Whether you like him or not, his critique of the "permit industrial complex" is something even his critics tend to agree with in private.
Actionable Insights for Angelenos
If you’re watching the Rick Caruso saga unfold, here’s how it actually affects your life in LA:
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- Watch the Permitting: If Steadfast LA’s AI permitting software actually works, it could set a new standard for how the city processes development. Keep an eye on how the City Council reacts—they might fight it to keep their power.
- The "Third Way" Politics: Caruso represents a shift toward "results-based" voting. If the 2026 election happens and the city still hasn't made a dent in homelessness, his message of "I'm a builder, let me build" is going to land a lot harder than it did in 2022.
- Real Estate Trends: If you're looking at where LA is growing, look at where Caruso is investing. He doesn't pick losers. His focus on the Palisades and the rebuilding efforts suggests that the "resilience" market is the next big thing in California real estate.
The reality of Rick Caruso Los Angeles is that he never really left. He just stopped running ads and started building houses for fire victims. Whether that’s pure philanthropy or a very long, very expensive campaign strategy remains to be seen. But in a city that’s literally rebuilding itself, a guy with a hammer and a few billion dollars is always going to be the center of the conversation.
Keep an eye on the city's financial reports and the progress of the fire rebuilds. Those are the real metrics that will determine if Caruso’s "private sector" approach wins over the skeptics before the next time he's on a ballot.