In a notable development within the New York City mayoral race, Democratic Socialist candidate Zohran Mamdani announced a halting of fundraising efforts, claiming his campaign reached the spending cap for the upcoming June primary. According to Gothamist, Mamdani, who represents Queens in the state assembly, said today that his campaign is the first to reach this milestone, raising over $8 million with projected matching funds from around 18,000 donors – a record-setting pace for a municipal campaign in New York City. "It means that I don't have to spend the hours that I have sitting at a table calling through our supporters and asking them for their money," Mamdani told Gothamist. “It means that instead, I'm now asking New Yorkers for their time as we seek to build the single largest volunteer operation we've ever seen in the New York City's mayor's race.”
However, this announcement comes with a caveat; Mamdani's success in fundraising is based on projections that could change, depending on the New York City Campaign Finance Board's decisions on April 15, as noted by Timothy Hunter, the board's press secretary. Official public funds payments can differ from a campaign's estimates, and with two weeks remaining until the board's announcement, there is no absolute certainty for the projected figures. Holding back matching money due to federal corruption charges, the Campaign Finance Board also plays a pivotal role in Mayor Eric Adams' bid, with a determination pending on more than $540,000 in submitted matching claims by his campaign, as it raised $4.4 million without matching funds so far, as Gothamist reported.
Under the city's campaign finance program, there are rules including donation and spending limits, in addition to the $8-to-$1 match on donations of up to $250 from city residents. Candidates like Mamdani, who opt into this public matching funds program, have consented to these stringent guidelines. With the rules, the mayoral candidates within this program can only spend approximately $8 million, which includes over $7 million in possible public matching funds for the primaries. Mamdani's current campaign tally, with more than $1.4 million raised and over $900,000 in match-eligible contributions, illustrates the effectiveness of his fundraising strategy, even as other candidates like former Gov. Andrew Cuomo and city Comptroller Brad Lander remain as contenders with significant funds.
The optics of Mamdani's campaign success were somewhat dimmed following reports by The New York Post, which calls out an apparent hypocrisy in his fundraising. Despite his pledge to reject donations from the real estate sector, Mamdani is said to have accepted $3,700 from industry executives. Contributions from figures like Mohannad Malas, head of Dana Investment Corp., and others such as Joseph Riggs from Hudson Companies and principal Matthew Hopkins from Acona Real Estate Advisors, have opened the door to criticism from Democratic operatives and consultants like Hank Sheinkopf, who labelled him a "hypocrite," in a statement given to The New York Post. In response, a spokesperson for Mamdani's campaign remarked that they are "still sorting through" the donations collected but "will be refunding the donations" The Post "flagged for us."
Mamdani's fundraising success has positioned his campaign as a significant player in New York City's political arena. With a strong focus on building a dedicated volunteer network, he is committing to knocking on over one million doors and reaching voters across all political platforms. Key upcoming dates that could impact the race's financial dynamics include April 28, when candidates must confirm their participation in the matching funds program, and May 23, the next campaign disclosure filing deadline, followed by eligible candidates receiving payments on May 30 as the primary election approaches.
