In the video, he talks about homelessness, crime and how if he is elected mayor, he would work for $1 a year.
Caruso is an L.A. native and the developer behind shopping centers like The Grove and The Americana.
In the video, he says the city is in "crisis" and pledges to "clean up L.A."
Caruso's candidacy is expected to kick campaign spending into high gear.
RELATED: Billionaire Rick Caruso joins crowded race to become next Los Angeles mayor
Billionaire Rick Caruso joins crowded race to become next Los Angeles mayor