{"id":24,"date":"2026-05-06T19:30:36","date_gmt":"2026-05-06T19:30:36","guid":{"rendered":"https:\/\/california-relocation-journal.com\/?p=24"},"modified":"2026-05-06T19:30:36","modified_gmt":"2026-05-06T19:30:36","slug":"tom-steyer-tries-to-sell-voters-on-his-own-personal-change","status":"publish","type":"post","link":"https:\/\/california-relocation-journal.com\/?p=24","title":{"rendered":"Tom Steyer tries to sell voters on his own personal change"},"content":{"rendered":"
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Tom Steyer is trying to sell himself to voters as an agent of change.<\/p>\n

He has vowed to take on entrenched political and economic forces to create affordable housing, make the wealthy pay more in taxes, lower energy bills and protect the environment.<\/p>\n

Read more Xavier Becerra shows that his loyalty lies with fossil fuels<\/a><\/p>\n

But perhaps the biggest change he is selling is his own.<\/p>\n

The hedge-fund billionaire turned climate activist has faced criticism throughout his campaign for past investments in coal plants and private prisons, to name a few, that helped build his fortune and gave him the means to spend more than $150 million of his own money in his quest for the governor\u2019s mansion.<\/p>\n

Steyer\u2019s prolific spending has blanketed the airwaves with television ads and helped propel him near the top of an unsettled gubernatorial field in the polls.<\/p>\n

The 68-year-old San Franciscan has helped put many Democratic candidates in office as one of the party\u2019s biggest political donors in the past two decades, but has never held public office himself.<\/p>\n

He spent more than $340 million in the 2020 Democratic presidential primary, but dropped out after placing third in the primary in South Carolina, where he had invested heavily.<\/p>\n

There is a long tradition of wealthy, self-funding candidates, and the results are mixed at best. Billionaire Michael Bloomberg spent more than $260 million to win three terms as New York City mayor. But he spent more than $1 billion on a 2020 presidential bid and lasted only four days longer in the race than Steyer. Two years later, real estate developer Rick Caruso spent more than $100 million in an effort to become Los Angeles mayor but lost handily to Karen Bass.<\/p>\n

Hoping for a better result in his current race, Steyer has staked out a position as the most progressive candidate in the field \u2014 touting an endorsement from the Bernie Sanders-affiliated Our Revolution. He\u2019s picked up other key endorsements, too, from the California Teachers Assn., California Nurses Assn. and numerous environmental groups.<\/p>\n

But he faces the challenge of convincing enough liberal voters to support a billionaire with controversial past investments the same year a tax on billionaires, currently enjoying strong support, is poised to be on the November ballot.<\/p>\n

\u201cThis election is about who you can trust to fight for you,\u201d former Rep. Katie Porter said during an April 22 gubernatorial debate in San Francisco. \u201cOne candidate is a billionaire who got rich off polluters and ICE prisons and is now using that money to fund his election.\u201d<\/p>\n

Steyer said he understands the broad concerns about his wealth and is willing to vote for the billionaires\u2019 tax in November.<\/p>\n

\u201cI know that people are skeptical of billionaires, and I\u2019m skeptical of billionaires,\u201d Steyer said Tuesday in an interview with The Times. \u201cBut if you look at this race, I\u2019m the only progressive in the race. I\u2019m the person who\u2019s taking on the corporate special interests.\u201d<\/p>\n

He pointed to the millions spent by a super PAC supported by the real estate industry and Pacific Gas & Electric \u2014 which Steyer has pledged to break up to bring down utility costs \u2014 as evidence that he is the candidate most feared by moneyed interests in the state.<\/p>\n

\u201cThe companies that are running up the costs are fighting like hell, because that\u2019s how they make their money,\u201d he said. \u201cBut somebody\u2019s got to stand up to them.\u201d<\/p>\n

The departure of former Rep. Eric Swalwell from the race last month after sexual assault allegations doesn\u2019t appear to have resulted in a major surge of support for Steyer. Rather, it is Xavier Becerra, the former Health and Human Services secretary, who seems to have gained momentum.<\/p>\n

But veteran California pollster Mark Baldassare said that he hasn\u2019t counted out Steyer yet.<\/p>\n

\u201cIt would be easy to say that he\u2019s reached his peak, except for the fact that there are so many undecideds and Steyer has so many resources at his disposal,\u201d said Baldassare, the statewide survey director for the Public Policy Institute of California.<\/p>\n

Steyer has poured at least $875 million into federal and state political committees since 2010, according to an analysis conducted for The Times by OpenSecrets, and federal and state campaign finance records. That total includes the nearly half a billion dollars he has spent on his two races.<\/p>\n

In 2013, Steyer left his investment firm and launched NextGen Climate, a progressive political action group geared toward addressing climate change. He has given nearly $270 million to a super PAC affiliated with the group, which was later renamed NextGen America.<\/p>\n

The committee has spent tens of millions of dollars on campaigns opposing fossil fuel interests and supporting progressive candidates, though Steyer\u2019s financial support for the group has decreased as he has run for office.<\/p>\n

The billionaire also established his climate bona fides by opposing the Keystone XL pipeline during the Obama administration, which became a national proxy fight over climate policy, and by backing environmental ballot measures in California.<\/p>\n

Among them was a $5-million investment in 2010\u2019s \u201cNo on Prop. 23\u201d campaign, which defeated a conservative effort to overturn California\u2019s greenhouse gas emission reduction law.<\/p>\n

Two years later, Steyer invested about $29.5 million in Proposition 39, a winning measure to recoup money from corporate tax breaks to help pay for clean energy projects.<\/p>\n

Privileged upbringing and a \u2018desire to compete\u2019<\/h2>\n

Steyer\u2019s unconventional path to politics began with a privileged upbringing on the Upper East Side of Manhattan. He studied at the elite Buckley School and Philips Exeter Academy before attending college at Yale University, where he captained the men\u2019s soccer team and graduated in 1979.<\/p>\n

After a brief stint on Wall Street, he got a master\u2019s degree in business administration at Stanford University, where he met his future wife, Kat Taylor. They wed on the Stanford campus in 1986.<\/p>\n

Steyer worked hard \u2014 very hard \u2014 at making money.<\/p>\n

He was one of several \u201cWall Street Prodigies\u201d featured in a Wall Street Journal profile from the same year he was married.<\/p>\n

Steyer\u2019s work began at 5 a.m. in the office and he seldom took days off \u2014 he fretted he wouldn\u2019t have time for a honeymoon.<\/p>\n

He eschewed the trappings of wealth \u2014 driving an eight-year-old Honda \u2014 motivated instead by a \u201cdesire to compete, excel and keep struggling to do better.\u201d<\/p>\n

Steyer began cutting political checks soon after, but his real emergence as a major political donor came during the 2004 presidential campaign, when he pledged to raise more than $100,000 for John Kerry\u2019s campaign and was talked about as a potential political appointee at the U.S. Treasury Department in a Kerry administration.<\/p>\n

Steyer hired Kerry to join his sustainable investment company Galvanize in 2024. Steyer stepped down from the company before entering the governor\u2019s race.<\/p>\n

The year 2004 was pivotal for another reason.<\/p>\n

A group of students at his two alma maters, Yale and Stanford, along with those at a handful of other elite universities, began a campaign to pressure the endowments at their institutions to stop investing with Steyer\u2019s hedge fund, Farallon Capital Management.<\/p>\n

They cited concerns about some of the firm\u2019s investments, including a coal burning plant in Indonesia and a joint venture between Farallon and Yale to pump out water from an aquifer in Colorado adjacent to the Great Sand Dunes National Park.<\/p>\n

\u201cStated simply, we do not want our universities to profit from investments that harm other communities,\u201d the students wrote in an open letter to Steyer. \u201cWe are concerned about the impact some of Farallon\u2019s recent investments have had.\u201d<\/p>\n

Read more South Carolina joins Southern redistricting push after U.S. Supreme Court ruling on minority districts<\/a><\/p>\n

Steyer told the students he appreciated \u201cthe importance of the issues that you raise,\u201d but defended his firm\u2019s work, saying that it acted \u201cresponsibly and ethically.\u201d<\/p>\n

Looking back on that time now, Steyer said it was a turning point.<\/p>\n

\u201cI think that experience really was a wake-up call to me,\u201d he said. \u201cIt\u2019s when I started to very seriously consider leaving Farallon. I really felt like if I was going to be the person with my values, I was going to have to leave and be independent and do what was right.\u201d<\/p>\n

Three years later, Steyer and his wife began their initial pivot to public service, in Oakland that would cater to low-income customers<\/p>\n

But this initial venture highlighted the inevitable collision course between Steyer\u2019s burgeoning activism and his firm\u2019s investments.<\/p>\n

At an event that year with then-Gov. Arnold Schwarzenegger and Oakland Mayor Ron Dellums, Steyer and Taylor pledged $1 million in loans to support vulnerable people in Oakland facing foreclosure in the wake of the subprime mortgage crisis.<\/p>\n

Left unsaid was the fact that Steyer\u2019s firm had extensive financial ties to San Diego\u2019s Accredited Home Lenders, one of the biggest subprime mortgage lenders in the country.<\/p>\n

The transformation to climate activist<\/h2>\n

Steyer and his wife began writing bigger philanthropic checks and in 2010 took the Giving Pledge, promising to donate at least half of their wealth before they died.<\/p>\n

In 2009, they gave $40 million to endow the TomKat Center for Sustainable Energy at Stanford, the first of several multimillion-dollar gifts to Stanford and Yale to support climate-focused ventures. They pledged $7 million to create the Steyer-Taylor Center for Energy Policy and Finance, also at Stanford, in 2010. It closed last year after its endowment came to an end.<\/p>\n

And in 2011, the couple donated $25 million to Yale to help establish an Energy Sciences Institute focused on developing sustainable energy solutions.<\/p>\n

But even as Steyer undertook his public transformation from investor to climate activist, his firm continued to make decisions out of step with his newfound commitment.<\/p>\n

In 2011, for example, the firm purchased 1.8 million shares of BP, a year after the Deepwater Horizon oil spill, in which a BP-operated project dumped nearly 5 million barrels of oil into the Gulf of Mexico.<\/p>\n

Steyer resigned from the firm at the end of 2012, though he still has millions of dollars invested in the firm .<\/p>\n

Environmentalists have largely been willing to forgive Steyer\u2019s past investments.<\/p>\n

\u201cThere\u2019s no question he\u2019d be the most knowledgeable and committed climate advocate that\u2019s ever held really high office in America,\u201d climate activist and author Bill McKibben recently told Politico<\/u>.<\/p>\n

While the nonprofit California Environmental Voters has endorsed<\/u> both Katie Porter and Tom Steyer in the race, Steyer, in particular, has \u201ctaken on Big Oil dollar for dollar, toe to toe, and beaten them,\u201d said Mary Creasman, the group\u2019s chief executive.<\/p>\n

\u201cHe has made this his career and his investment and his passion, so it\u2019s authentic, and voters see that,\u201d she said.<\/p>\n

Leah Stokes, an associate professor of environmental politics at UC Santa Barbara, said she\u2019s impressed by Steyer\u2019s climate track record and progressive campaign platform, noting that he\u2019s been an active presence in California\u2019s climate movement for more than 15 years.<\/p>\n

That includes not only his work on ballot initiatives and clean energy technology, but also his focus on biodiversity loss and carbon sequestration at his 1,800-acre TomKat Ranch in Pescadero, where researchers are studying regenerative agriculture.<\/p>\n

But Steyer has also played a role in elevating climate into a national political issue \u2014 including in the early 2010s when it wasn\u2019t a \u201cpolitically hot topic,\u201d Stokes said.<\/p>\n

\u201cHe has been willing to spend an enormous amount of his personal money on elections on climate \u2014 whether it\u2019s propositions, whether it\u2019s himself running for president on basically a climate platform, whether it\u2019s the Next Gen giant voter turnout campaign,\u201d she said. \u201cI think he has recognized … that politics is where we have to invest our time if we want to make a difference on the climate crisis.\u201d<\/p>\n

Despite concerns raised about Steyer\u2019s early investments into fossil fuels through Farallon, Stokes said she\u2019s more apt to criticize candidates who are taking money from oil companies today, such as Becerra, who accepted a $39,200 donation from Chevron for his gubernatorial campaign.<\/p>\n

She was also heartened by the fact that Pacific Gas & Electric has funded a $10-million PAC opposing Steyer, because she said it indicates that he aims to hold utility companies accountable for skyrocketing electricity prices amid soaring profits.<\/p>\n

\u201cWe could actually have a shot here at having somebody who cares about climate change, who wants to hold utilities accountable, who wants to hold big polluters accountable,\u201d Stokes said. \u201cThat would just be transformative.\u201d<\/p>\n

Energy costs weigh heavily on voters<\/h2>\n

Steyer\u2019s focus on climate issues and energy affordability could also be a strategic boon in the governor\u2019s race.<\/p>\n

Sixty percent of voters in the state see climate change as a major threat to the country and believe that the government is not doing enough to address it, according to polling from the Public Policy Institute of California.<\/p>\n

\u201cCalifornians connect the dots between what\u2019s going on with extreme climate and wildfires and climate,\u201d said Baldassare, the institute\u2019s survey director.<\/p>\n

Recent polling has also shown that voters are very concerned about energy affordability and rising utility costs, with 13% of Americans naming it as the most important financial problem facing their family \u2014 a 10-point increase from last year, according to an April Gallup poll<\/u>.<\/p>\n

Overall, energy costs tied housing costs as the second-biggest concern following the high cost of living, the poll found.<\/p>\n

In November, Democrats who campaigned heavily around energy affordability swept the field<\/u> in key races in New Jersey, Virginia and Georgia. Residential electric prices increased nearly 11% between January 2025 and this February, according to the latest available data from the U.S. Energy Information Administration.<\/p>\n

\u201cVoters are supporting candidates who are leaning into these issues,\u201d Creasman said.<\/p>\n

Read more Trump\u2019s Indiana victories send a warning to Republican dissenters<\/a><\/p>\n

Wieder reported from Washington and Smith from Los Angeles.<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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