Rick Caruso announced he will not run for governor or Los Angeles mayor this year, shutting down months of speculation that he’d jump back into the ring after his razor-thin loss in 2022.

A person close Caruso told The Post he wants to focus on his family and believes, “this is an extremely toxic time in politics.”

The 67-year-old real estate titan confirmed the decision in a social media statement, saying he’s spent the past year listening to Angelenos and Californians — and weighing the cost of another campaign.

“Over the past year, I have reflected on how we can make Los Angeles and California stronger,” Caruso wrote. “I’ve listened to people across industries and communities, and it’s been an honor to hear their hopes and aspirations.”

He said two questions ultimately guided his decision: where he could make the greatest impact — and what another run would mean for his family.

“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” Caruso wrote. “It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”

Reaction on social media was swift — and emotional.

“This is devastating,” one supporter wrote. “One man with 360-degree knowledge to turn Los Angeles around isn’t running. This city is doomed.”

Caruso had been widely floated as a potential successor to Gov. Gavin Newsom, whose term is ending, and as a possible rematch challenger to Los Angeles Mayor Karen Bass — whom he has sharply criticized, particularly over her handling of last January’s devastating Palisades Fire that destroyed thousands of homes in Malibu and Pacific Palisades, where Caruso owns property.

As recently as last fall, Caruso told Bloomberg he was seriously considering another run.

Now he’s out — a decision that immediately reshapes an already crowded and volatile governor’s race. Democrats Katie Porter and Eric Swalwell are jockeying for position, while Republican Steve Hilton is leading GOP polling.

“The most important thing right now is that we kick out the utterly useless Karen Bass so we can straighten out Los Angeles, rebuild the Palisades and Altadena, and get ready to be a shining showcase for the World Cup and the Olympics,” Hilton said to The Post on Friday.

“As for the governor’s race, I am the candidate leading on every measure,” he added. “Californians are sick of this corrupt, failed Democratic machine. Rick Caruso was considering running as a Democrat, and my view has always been clear — it’s time for change.”

Caruso, for his part, insisted he’s not walking away from public service — just the ballot.

“Though my name will not be on a ballot, my work continues,” he wrote. “I am immensely proud of what we are accomplishing through Steadfast LA, supporting victims of the Palisades and Eaton fires, as well as through my company and family foundation’s efforts to strengthen communities in need.”

“These experiences reflect how I approach every challenge: by listening, collaborating, and acting decisively to create lasting impact,” he added. “I will carry that same commitment to the work ahead.”

He closed with a line aimed directly at supporters urging him to run again.

“Public service does not require a title,” Caruso wrote. “It is, and will always be, my calling. I remain devoted to serving our communities in every way I can — just from a different seat.”