STOCKTON (CBS13) – Democratic presidential nominee hopeful Michael Bloomberg is making a stop in Stockton on Wednesday.

The billionaire met with Stockton Mayor Michael Tubbs and took part in a discussion on housing and economic opportunity.

READ MORE: Outdoor Activities Canceled Due To Unhealthy Air In Sacramento Region

He later unveiled two new proposals to address affordable housing and poverty.

READ MORE: District Attorneys Voice Support For Tougher Robbery Laws After Attack On Former Sen. Boxer

According to the San Francisco Chronicle, Bloomberg’s campaign is set to spend $14 million on TV ads in California alone.

Bloomberg formally announced he is running for the Democratic presidential nomination last month, entering the field far back in a historically crowded field.

The 77-year-old media mogul and former three-term mayor of New York City is framing his candidacy as the best hope for defeating President Donald Trump. But fellow candidates have been quick to knock his status as one of the world’s ten wealthiest individuals.

His campaign says it won’t take any donations and that he will work for $1 a year if elected.

MORE NEWS: UPDATE: Stockton Man With Dementia Found Safe

Bloomberg will now head to San Francisco to meet with former California governor Jerry Brown to discuss topics such as climate change.