Tom Steyer announces run for California governor

Billionaire activist Tom Steyer announced Wednesday that he is running for California governor.

In a video announcement, Steyer, 60, pledged to tackle housing inequality across the state, calling it the biggest problem Californians face.

What he's saying:

"Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living," he said. "We need to get back to basics. And that means making corporations pay their fair share again."

California financier and liberal activist 

What we know:

Steyer, who sought the Democratic presidential nomination in 2020, is the co-founder of Galvanize Climate Solutions and founder of the progressive advocacy group NextGen America.

Before turning his focus to politics and environmental issues, he founded the hedge fund Farallon Capital.

Steyer said he walked away from his multibillion-dollar business to "give back to California" by confronting large corporations that he said have exploited the state and its residents.

"I’ve taken on out-of-state corporations that refused to pay their California taxes. I’ve taken on the oil companies. I’ve taken on the tobacco companies. We’ve raised billions of dollars for California citizens, without charging California citizens a nickel," he said.

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Steyer led the 2010 campaign to defeat Proposition 23, a measure backed by Texas oil companies that sought to roll back California’s clean air and climate law.

He also co-chaired the campaign supporting Proposition 56 in 2016, which raised the state’s tobacco tax by $2 per pack to fund health care programs, Medi-Cal, and tobacco-use prevention efforts.

Campaign promises

What's next:

Steyer said that if elected, he would work to lower electricity bills by 25%, build one million homes in four years by expediting permitting and cutting unnecessary taxes and fees, and hold cities accountable for developing affordable housing.

The Associated Press contributed to this report.