Billionaire Tom Steyer is joining the race to become the next governor of California.

Steyer says he wants to take on the biggest problems facing the state: affordability.

"Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again," Steyer said in a campaign video released Wednesday morning.

Steyer is vowing to lower electricity rates, build more housing and make pre-school and community college free.

Steyer ran for president in 2020, but dropped out of the Democratic race in the primaries.

Steyer joins a crowded field of candidates for governor , including former Secretary of Health and Human Services Xavier Becerra,

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