Billionaire Rick Caruso releases 1st campaign video for Los Angeles mayoral bid

LOS ANGELES (KABC) -- Billionaire developer Rick Caruso released his first campaign video overnight on Monday, as he officially launched his mayoral campaign.

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.

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