Billionaire Money Floods New York Mayoral Race: Who’s Paying to Stop Zohran Mamdani?
With over $22 million in super-PAC spending, the mayoral contest becomes a blockbuster battle of wealth vs grassroots
In a latest push to influence the outcome of the 2025 New York City mayoral election, a coalition of billionaires and mega-donors have redirected massive sums into super-PACs backing former governor Andrew Cuomo and opposing progressive frontrunner Zohran Mamdani. According to filings compiled by media outlets, the total independent expenditure now exceeds US $22 million, making this perhaps the most expensive local-level campaign in U.S. history.
The Financial Flood Gates Open
Major players are making their moves. Former NYC mayor and billionaire Michael Bloomberg alone contributed an additional US $1.5 million to the pro-Cuomo super-PAC Fix the City, bringing his personal total in the race to around US $9.5 million.
Other high-profile donors include hedge-fund titan Bill Ackman, who has given over US $1.25 million, and Airbnb co-founder Joe Gebbia, donating US $2 million between pro-Cuomo and anti-Mamdani committees. These funds aim to blunt Mamdani’s momentum.
Mamdani doesn’t shy away from the drama. At a rally, he told supporters: “They know they can count on Cuomo because Cuomo has a track record of rewarding the political donors.” The financial elite respond that the city’s economy and tax base are at risk if his platform advances.
What Mamdani’s Agenda Triggered
Mamdani, a 33-year-old progressive and Democratic Socialist, secured the Democratic nomination with a platform that includes a 2 % tax on incomes above US $1 million, city-owned grocery stores, free bus service and a rent freeze for rent-stabilised residents.
These proposals—which critics call “reckless socialism”—have alarmed business leaders, developers and real-estate titans who fear higher taxes, capital flight and a diminished business climate. As one real-estate executive told Reuters: “Until then, like nearly every one of the 20 000 contacts in my phone, my position is simple: ABZ – ‘Anyone But Zohran.’” Reuters
Why the Spending Surge Matters
This is no ordinary race. It’s a collision of grassroots energy vs. deep-pocketed interests. Independent committees backing Cuomo or attacking Mamdani have pulled in more than US $22 million, dwarfing traditional municipal campaign expenditure.
Analysts say the stakes are enormous: “The roughly five-dozen billionaires have pumped more cash into the election through super-PACs than the 60,000 small-dollar donors who have given directly to the candidates’ campaigns.”
For Mamdani, the message is clear: he calls billionaire spending “an existential threat” to his campaign. “They are right,” he said at a recent event. “We are an existential threat to billionaires who think their money can buy our democracy.” Business Insider
What to Watch in the Final Stretch
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Advertising Blitz: Expect a flood of negative television and digital ads targeting Mamdani’s taxes and policies in the final days.
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Ground Game & Turnout: Mamdani’s base appears younger and energized; business-backed PACs focus on mobilising moderate and older voters.
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Last-Minute Donations: With millions still flowing, late-stage money could tilt the narrative and influence perception.
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Polling Shifts: While Mamdani leads in many polls, the margin is narrowing as business-and-wealth concerns surface.
FAQ – What You Need to Know About the Billionaire Funding Surge
Q1: Why are billionaires spending so much to influence the mayoral race?
They fear Mamdani’s proposed tax hikes, public-service expansions and business-regulation agenda could erode New York’s role as an economic hub. The Guardian
Q2: How much money is involved in outside spending so far?
Independent super-PACs have raised more than US $22 million, making this one of the costliest municipal races on record. Business Insider+1
Q3: Does Mamdani still have grassroots support despite all this spending?
Yes. His fundraising base includes significant small-donor momentum and he leads in several polls, though the race remains highly competitive.
