Tom Steyer, a prominent progressive billionaire, markets himself as the most left-leaning candidate in the race for California governor, advocating for affordable housing for low-income residents. However, his personal real estate holdings are now under scrutiny.
Steyer is among three main candidates vying for the top two positions in the upcoming primary, competing against fellow Democrat Xavier Becerra and Republican Steve Hilton.
Just before the primary, Steyer made a last-minute pledge to voters, promising to construct 1 million homes to enhance affordability in California. He took the opportunity to criticize Becerra for accepting donations from real estate professionals.
Interestingly, on the same day, a report highlighted that Steyer owns multiple luxury properties acquired through his hedge fund success.
Among his most notable properties is a series of mansions perched on a cliff in San Francisco, offering views of the Golden Gate Bridge. He even sought city approval last year to demolish one of these luxurious homes.
Additionally, he owns a charming 1909 house in a gated community nearby, a $2 million condo in downtown San Francisco, and a waterfront home in Stinson Beach, according to the report.
Steyer has also cultivated a sprawling 1,800-acre grass-fed cattle ranch south of San Francisco, aptly named Tomkat Ranch after him and his wife. A tour of the ranch conducted about a dozen years ago revealed its role as a research site for eco-friendly cattle raising techniques.
Steyer’s real estate portfolio extends beyond California, including an apartment in New York City and an $18 million mansion at Lake Tahoe, a spot that once hosted former President Joe Biden.
Critics have labeled Steyer as hypocritical for advocating affordable housing while owning numerous properties that contribute to the housing crisis.
“Billionaire Tom Steyer is living like a villain,” stated a supporter of Becerra, with social media users similarly commenting that he’s attempting to mislead California voters with his notion of ‘affordable tours.’
Palo Alto City Council member Greer Stone expressed her frustration regarding Steyer’s lifestyle. “It’s disheartening when politicians preach one thing, yet lead such contrasting lives,” she remarked.
In response to the criticism, Steyer told reporters that he aims to ensure his assets are put to good use. “Our goal is to encourage more people to live in California, not just let land sit vacant,” he emphasized, reiterating his commitment to increasing housing supply.
Steyer’s campaign has garnered support from housing advocacy groups as he champions higher taxes on commercial properties and limitations on rent hikes.
Nevertheless, his extensive wealth presents significant challenges to his progressive image, especially given his past in the hedge fund sector, which has drawn attention for investments in sectors that typically conflict with Democratic values, such as private prisons.
