Progressive billionaire Tom Steyer has branded himself as the most left-leaning candidate for California governor who’s eager to give lower-income Californians affordable homes — but scrutiny is building over his personal real estate portfolio.
Steyer is one of three leading candidates trying to secure a top-two spot out of Tuesday’s primary against fellow Democrat Xavier Becerra and Republican Steve Hilton.
The billionaire made a last-minute appeal to voters Saturday, promising to build one million homes to make California more affordable. He then attacked Becerra for contributions from realtors.
However, a New York Times report the same day revealed he owns multiple luxurious properties purchased with the fortune he made in the hedge fund industry.
One of the most publicly known properties are side-by-side, cliff-top mansions in San Francisco. Renderings show views of the Golden Gate bridge, and Steyer asked the city last year for permission to demolish one of the mansions to build a luxury home, a large basement and a cottage out back.
He owns a 1909 classical home two miles away in a gated community, a $2 million condo in a downtown San Francisco high-rise, as well as an oceanside home in Stinson Beach, the Times reported.
Steyer also created an 1,800-acre, grass-fed cattle ranch south of San Francisco named TomKat Ranch after him and his wife. The ranch had scientists who study ecologically friendly ways to raise cattle, according to a Bloomberg tour of the place 12 years ago.
Outside of California, his portfolio includes a New York City apartment and a $18 million Lake Tahoe mansion in Nevada that he once let former President Joe Biden (D) vacation at.
Critics of Steyer said it was hypocritical for him to fight for affordable housing when his own ownership of multiple properties contributes to the housing shortage.
“Billionaire Tom Steyer living like villain,” one pro-Becerra social media user commented. “This guy thinks he’s conning CA voters with his ‘Affordability Tour.’”
Greer Stone, a Palo Alto city councilman, told the Times it’s hard for him to square the differences away with Steyer.
“I get frustrated by politicians who say one thing and then live very different lifestyles,” Stone said.
Steyer at a campaign stop told reporters that “I’m trying to make sure that all those properties are used,” he said of his properties.
“Our job in all this stuff, including in units and houses, is to try to make sure that more people can live in the state of California, not to sit on property, but to make sure that we’re adding units so people can live here more easily,” Steyer added.
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The campaign told the Times that many of his properties are being used by family, including himself and his wife. A family friend rented one of his assets out, while the ranch houses 25 people, including employees.
When it comes to policy, pro-housing groups have endorsed him. Steyer has campaigned on raising commercial property taxes and capping rent increases.
His personal estate holdings have been one of many major issues his fortune has posed for his progressive branding.
Steyer previously came under scrutiny for his time in the hedge fund industry, where he invested in companies that most Democratic voters may have issue with — from private prisons to residential apartment complexes that some allege were not tenant-friendly.
