Anti-ICE billionaire Tom Steyer wants to make California even more unaffordable

Published April 19, 2026 5:00am ET



After burning $340 million in his 2020 presidential bid, which ended in failure, billionaire Tom Steyer has spent more than $120 million in hopes of becoming the next governor of California. Thanks to fortuitously timed reporting about former Rep. Eric Swalwell’s extramarital activities, Swalwell’s latest investment looks like it may pay off.

The state’s largest government union, the California Teachers Association, waited only three days after pulling its endorsement from Swalwell to endorse Steyer. Now, armed with hundreds of millions of his own dollars as well as hundreds more from government unions, Steyer is poised to cruise toward at least a second-place finish in the June 2 primary, and from there to an easy general election victory in a Democrat-dominated state.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.