Ultrawealthy donors have given $16 million to super PACs dedicated to the New York City mayor’s race. Half of that money has gone to three moderate candidates.
More than seven years after one of the nation’s wealthiest men stepped down as New York City’s mayor and was replaced by a successor who shunned the rich, billionaires have re-emerged as a potent force in the mayor’s race.
Together, billionaires have spent more than $16 million this year on super PACs that are primarily focused on the mayoral primary campaign that ends on Tuesday — the first mayoral election in the city’s history to feature such loosely regulated organizations devoted to individual candidates.
Overall, super PAC spending in the mayor’s race has exceeded $24 million, according to the New York City Campaign Finance Board, making up roughly 30 percent of the $79 million spent on the campaign.
The impact has been dramatic: a deluge of campaign mailers and political ads on radio, television and the internet, especially in recent weeks, as the unusually large field of Democratic candidates vied to win over an electorate distracted by the pandemic.
Dedicated super PACs exist for all but one of the eight major Democratic candidates, but half of the billionaires’ spending has benefited just three of the field’s more moderate contenders: Eric Adams, the Brooklyn borough president who is considered the front-runner; Andrew Yang, the 2020 presidential candidate and a top rival; and Raymond J. McGuire, a former Citigroup executive who trails in the polls.
At least 14 individuals that Forbes magazine has identified as billionaires have donated to mayoral-related super PACs. Several run companies that are headquartered in New York City, while others have interests that would benefit from a good relationship with City Hall, and they are hedging their bets in an apparent effort to improve their chances of backing the winner.
Steven A. Cohen, the hedge fund billionaire who owns the Mets, donated $500,000 to Mr. Yang’s super PAC and $500,000 to Mr. Adams’s in mid-May, when the two candidates were leading the polls. But as Mr. Yang’s support appeared to wane and Mr. Adams’s grew, Mr. Cohen cut off Mr. Yang and donated another $1 million to Mr. Adams.
A similar trajectory characterizes the giving patterns of Daniel S. Loeb, another hedge fund billionaire and an outspoken supporter of charter schools and former chairman of Success Academy Charter Schools. He donated $500,000 to Mr. Adams’s super PAC and $500,000 to Mr. Yang’s super PAC in mid-May. Three weeks later, as Mr. Adams was cementing his front-runner status, Mr. Loeb gave Mr. Adams’s super PAC another $500,000.
Both Mr. Adams and Mr. Yang have expressed support for charter schools.
The flood of money — which has also affected other key contests like the Manhattan district attorney’s race — comes as the pandemic has illuminated the stark differences between the city’s have and have-nots even as the mayor’s race has been more focused on gun crime and public safety than on inequality.
The super PACs also threaten to undermine New York City’s campaign finance system, which is designed to combat the power of big money in politics by using city funds to match small donations.
This year, the city rolled out an enhanced version of that system, offering richer rewards for small donations, and has thus far handed out more than $39 million to the mayoral candidates. But it is far from clear that New York City’s campaign finance system — considered a national model — can withstand the big-money onslaught wrought by the Supreme Court’s Citizens United decision of 2010, which allowed outside groups to spend an unlimited amount of money in elections.
A super PAC played a small role in the last competitive mayoral primary in 2013, when an animal rights group helped fund a super PAC that attacked Christine Quinn, then the City Council speaker who had been a favorite in the race, because of her support for horse-drawn carriages in Central Park.
The following year, the courts struck down a state cap on the size of contributions to super PACs.
“Now in 2021, New York City has a term-limited Democratic incumbent with no heir apparent, which has led to a wide open mayoral race run with campaigns run by consultants with deep experience using candidate super PACs in federal campaigns,” said John Kaehny, the executive director of Reinvent Albany.
Super PACs are theoretically independent of the political campaigns, and their spending is not supposed to be coordinated with individual candidates. But questions of the funds’ independence emerged in April, when New York City’s Campaign Finance Board withheld the release of public matching funds to the campaign of Shaun Donovan, who served as the Obama administration’s housing secretary and budget director.
The board wanted to delve into the relationship between Mr. Donovan’s campaign and the super PAC supporting him, New Start N.Y.C., which is largely funded by his father. The board eventually released the matching funds.
“Who’s going to be mayor matters to a lot of people with a lot of money,” said Lawrence Norden, the director of the electoral reform program at the Brennan Center for Justice. “You have to ask yourself when people are spending tens of thousands of dollars or hundreds of thousands of dollars to support a candidate, why are they doing it and what do they hope to get out of it?”
One thing some may hope to get is an expansion of charter schools in the city. Other billionaires financing super PACs in this primary include four investors who support charter schools, a favored cause of financiers skeptical of district public schools: Stanley Druckenmiller and Paul Tudor Jones, who donated $500,000 and $600,000, respectively, to the Adams super PAC; Kenneth Griffin, another hedge fund manager, who has donated $750,000 to both the Adams and Yang super PACs; and Pennsylvania investor Jeffrey Yass, who donated $500,000 to Mr. Yang’s super PAC.
As it happens, the president of Mr. Adams’s super PAC is Jenny Sedlis, who is on leave from a charter school advocacy group, Students First NY, and co-founded Success Academy, which has received direct financial support from Mr. Griffin.
Scott M. Stringer, the New York City comptroller, has been critical of some charter school practices, which helped earn him the endorsement of the United Federation of Teachers. NY4Kids, a teachers’ union-backed super PAC supporting Mr. Stringer, reported raising nearly $6 million, with about $4.2 million raised and spent for the mayor’s race, a spokesman said.
Mr. Stringer’s campaign has struggled following accusations that he made unwanted sexual advances decades ago, which he has denied. Cassie Prugh, the treasurer of the organization, said the group had focused on using their budget to make relatively early investments for Mr. Stringer.
Various corporate entities controlled by the Dolan family, which owns Madison Square Garden, have put roughly $6 million into another super PAC, the Coalition to Restore New York, which highlights the same quality of life issues that have been central to the campaigns of Mr. Yang, Mr. Adams and Kathryn Garcia, a former sanitation commissioner. The super PAC has asked mayoral candidates, as well as candidates for other city offices, how they would fight crime, reignite tourism and stop the “exodus” of New Yorkers from the city.
“The Coalition to Restore New York is candidate-agnostic and is not supporting or opposing anyone for office in 2021,” said Rich Constable, an executive vice president at Madison Square Garden.
State and city records indicate the super PACs for Mr. Donovan, Mr. McGuire and Mr. Adams each raised about $7 million, and the two super PACs for Mr. Yang together raised more than $4 million. The super PAC for Ms. Garcia, another leading moderate, started late in the race and has raised $306,000.
Those who donated to the super PAC supporting Mr. McGuire may not get much of a return. Mr. McGuire, the only major candidate who is not participating in the city’s matching funds program, continues to poll in the single digits. Four individuals that Forbes considers billionaires have nevertheless supported the super PAC backing him, including the Home Depot co-founder, Kenneth Langone; the Loews Corporation heiress, Laurie Tisch; the Estee Lauder heir, Leonard Lauder; and William Ackman, an investor.
Maya Wiley, the former counsel to Mayor Bill de Blasio, is considered the leading left-wing candidate, and she has the support of two super PACs; one is affiliated with Local 1199 of the Service Employees International Union and the other with the Working Families Party.
The billionaire investor George Soros has committed $500,000 to each. The Working Families Party will use that funding to make phone calls and knock on doors in support of Ms. Wiley and its other candidates in the primary, targeting New Yorkers who voted on the party’s line last year.
“Right wing hedge fund billionaires think they can buy this city, spending millions on Eric Adams and Andrew Yang,” the Working Families Party national director, Maurice Mitchell, said in a statement.
Billionaire interest has also extended to City Council races and the race for Manhattan district attorney, where one candidate, Tali Farhadian Weinstein — a multimillionaire herself — has garnered support from several wealthy donors, including Mr. Griffin and Mr. Ackman. Ms. Farhadian Weinstein has said that the donations will not influence her.
In recent weeks, Ms. Farhadian Weinstein gave her own campaign $8.2 million, drawing anger from some of her competitors.
Mr. Norden of the Brennan Center said that such giving was not without precedent in New York politics, comparing it to the self-funding in the mayoral campaigns of the billionaire Michael R. Bloomberg.
“The trouble is that money shouldn’t be determining who has a shot at being on the ballot and getting their message out to voters,” he said.
Mr. Soros also pledged $1 million to the super PAC Color of Change, aimed at helping another district attorney candidate, Alvin Bragg. A spokeswoman for the super PAC said that nearly $500,000 had been spent on Mr. Bragg’s behalf as of Friday.
The billionaire with arguably the longest-standing interest in the mayor’s race, the Hudson Yards developer Stephen M. Ross, is also funding a super PAC, but is not backing a particular candidate. Rather, the Related Companies chairman is trying to sway the election toward the center by sending mailers to New Yorkers who only recently registered as Democrats — a tactic that dovetailed with another super PAC, sponsored by a Related executive’s wife, created to persuade Republicans to switch parties.
“Remember, who you vote for is private, but whether or not you vote is a matter of public record,” one such mailer reads. “We’ll be checking the voter rolls after Election Day on June 22 and hope to see your name among those who have voted.”
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