Billionaire activist and former presidential candidate Tom Steyer has launched his campaign for California governor, joining an already crowded field for 2026. Steyer is focusing his platform on the state’s affordability crisis and pledging to build one million homes by loosening permitting and zoning rules. Political strategists say the race remains wide open because voter recognition of major Democratic contenders remains low. With several Democrats and two Republicans already running, experts warn the expanding field could split the Democratic vote in the June primary and open a path for a Republican to reach the general election. Steyer’s long history in California politics and ability to self-fund could quickly boost his visibility.

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