Rick Caruso (Neon Tommy)

Rick Caruso, the billionaire best known as the builder of The Grove and other commercial mall developments, bowed out of the L.A. Mayoral race on Thursday citing his business as one of the reasons that impacted his decision.

In Caruso's absence, the only other dominant contenders who remain include City Controller Wendy Greuel and council members Eric Garcetti and Jan Perry. With only one month left before the mayoral-candidate deadline, it's not too late for a new candidate to take Caruso's spot in the race, though unlikely.

SEE ALSO: Where Will Mayor Villaraigosa End Up After He Leaves Office?

"It's always possible, but what made Caruso stand out was his wallet," said John Pitney, professor of politics at Claremont McKenna College.

"Running for mayor of LA is extremely expensive and there aren't that many politically active people with Caruso's level of wealth so number of late entries is extremely small," he said.

While Caruso's money got him into the race, it also may have been what caused him to back out. Like Meg Whitman during her campaign for California's governor last year, those who mix business and politics are subject to further criticism.

"It's not the money itself, but the way he made it," said Pitney. "A business person is potentially subject to attack. An environmentalist would have gone after him; small business owners might have expressed displeasure at the competition they've endured from Caruso properties. There definitely would have been a lot of opposition at play."

SEE ALSO: An Attempt To Create Transparency For L.A. Voters

According to The L.A. Times, Caruso said in a statement that he was not ready to step away from his business:

• "I believe in this city, but it is not the appropriate time for me to step away from [my company]," he said in a statement.
• That company, Caruso Affiliated, is building a massive retail and condo development near the Beverly Center. The firm also reportedly is considering a large retail project in Los Feliz.

Caruso's exit also leaves no other Republican options. For Republican and swing voters, they will likely lean toward whichever Democratic candidate has "some indication of fiscal integrity," said Pitney.

And as far as which demographic could determine the election on May 21, 2013, is tough to say; but according to Pitney, it will be in the candidates' best interests to cater to a wide range of Los Angeles residents.

"It's tough to generalize about an extremely diverse electorate," he said. "I don't know if there's a single group that will determine the outcome, so it will depend on the candidates ability to build a broad coalition."

Find more Neon Tommy coverage on the 2013 L.A. Mayoral Race here.

Reach Executive Producer Paige Brettingen here. Follow her here.