Cash Is Pouring Into the N.Y.C. Mayoral Race. Here’s Who Has the Most.
#masthead-section-label, #masthead-bar-one { display: none }N.Y.C. Mayoral RaceA Look at the RaceAndrew Yang’s Candidacy5 TakeawaysWho’s Running?AdvertisementContinue reading the main storySupported byContinue reading the main storyCash Is Pouring Into the N.Y.C. Mayoral Race. Here’s Who Has the Most.Eric Adams and Scott Stringer, two of the best-known candidates, continue to far outpace the rest of the Democratic field in raising money.Eric Adams, the Brooklyn borough president, left, has raised the most money so far in the New York City mayor’s race.Credit…Hiroko Masuike/The New York TimesJan. 15, 2021Updated 8:58 p.m. ETFor several months, the New York City mayor’s race seemed to revolve around two presumed front-runners: Eric Adams, the Brooklyn borough president, and Scott M. Stringer, the city comptroller.The two Democrats had name recognition, ties to party leaders and established bases of political and financial support. They had far outpaced the rest of the field in raising money, and were the only two candidates who had raised enough to qualify for public matching funds.Another Democratic candidate, Maya Wiley, may have qualified for the matching-funds program on Friday by meeting the criteria of raising at least $250,000 from at least 1,000 donors, according to her campaign.The contours of the race changed this week with a double jolt of news from two other Democrats: Raymond J. McGuire, a former Citigroup executive, reported raising $5 million in three months, and Andrew Yang, a 2020 presidential candidate, officially joined the race.But the fund-raising numbers, which the city’s Campaign Finance Board released late Friday, offered even more shape to the crowded race, which has more than a dozen candidates.Mr. Adams has raised the most money overall so far, $8.6 million, and will have just over $8 million on hand once matching funds are distributed, his campaign said. He raised $438,000 in the most recent period, with $123,000 of it matchable, and expects a $1 million matching funds payment.Mr. Stringer was expected to have raised at least $8.3 million overall, and to have $7.5 million on hand after raising $458,000 in the latest period, keeping pace with Mr. Adams. Mr. Stringer’s campaign said it expects $1.57 million in matching funds. Ms. Wiley a former MSNBC analyst who served as counsel to Mayor Bill de Blasio, may have solidified her status as a contender by meeting the matching-funds threshold with her latest fund-raising figures. Ms. Wiley raised $715,000, $280,000 of it matchable, qualifying her for $2.2 million in public money, and bringing the total she has raised to almost $3 million, her campaign said.Ms. Wiley’s campaign flooded email inboxes and social media before this week’s deadline with desperate pleas for donations of as little as $10, offering “Maya for Mayor” bumper stickers to contributors and raising questions about whether she would qualify for matching funds.In a message to her supporters, Ms. Wiley celebrated meeting the threshold and said the fund-raising support she received showed that “we gon’ win this race.”.Mr. McGuire, the only mayoral candidate who is not participating in the matching-funds program, raised much of his money from the business community. At least 20 billionaires — including the hedge fund founder John Griffin and Howard Schultz, the former chief executive of Starbucks — appear on Mr. McGuire’s donor list, which also includes people who have been big contributors to Republican candidates. Mr. McGuire had $3.7 million on hand.Because Mr. McGuire has raised so much money, the spending cap for the June primary will probably be increased to $10.9 million from $7.3 million, meaning candidates like Mr. Adams and Mr. Stringer who were close to the spending limit can continue to raise money.The city’s public campaign-finance system is built to withstand that sort of shock because of the emphasis it places on small-dollar donors, said Matthew Sollars, a Campaign Finance Board spokesman.Democratic candidates who failed to meet the matching-funds threshold included Zach Iscol, a nonprofit entrepreneur and former Marine; Shaun Donovan, a former federal housing secretary under President Barack Obama; and Dianne Morales, a nonprofit executive.Mr. Donovan reported raising a total of $1.6 million and had $913,000 on hand. Mr. Iscol reported falling just short of qualifying for matching funds. Ms. Morales said she had missed the threshold by about $70,000. Ms. Morales told supporters that her campaign had raised $340,000 overall and had 4,100 contributors from the city who gave an average of $50. About 30 percent of Ms. Morales’s donors described themselves as unemployed, her campaign said. Ms. Morales’s campaign, which is focused on working-class and poor New Yorkers, expects to qualify for matching funds at the next deadline after a strong showing in raising money in the past week.“If we keep making money the standard for viability then you have to be connected to wealthy networks,” Ify Ike, a senior adviser for Ms. Morales, said. “We are not going to have a billionaire donate to our campaign.”Several other candidates, including Carlos Menchaca, a councilman from Brooklyn; Kathryn Garcia, a former sanitation commissioner; and Loree Sutton, a former veteran affairs commissioner, also failed to qualify for matching funds. Ms. Sutton’s campaign reported a $4,400 deficit.Mr. Yang, who entered the race officially on Thursday, is expected to be competitive with other leading candidates in raising funds. He had 21,000 donors from New York City during his presidential run, giving him a list of potential contributors that he is expected to tap into quickly.Before the pandemic, fund-raising had proceeded at a rapid pace, and face to face. Before he dropped out of the race in November, the City Council speaker, Corey Johnson, held 55 house parties from March 2019 to March 2020. Mr. Stringer held 65 house parties over the same period, including six events in January and February last year.Now, most candidates are holding virtual fund-raisers. Mr. McGuire’s son, Cole Anthony, who plays for the N.B.A.’s Orlando Magic, held a fund-raiser with a teammate, Mo Bamba. Mr. McGuire has had 41 fund-raising events in three months, his campaign said.The Campaign Finance Board could issue almost $5 million in taxpayer money to the three candidates who are accepting, and have qualified for, public funds, according to estimates from the candidates.The board must audit the donations before distributing any money, which it is scheduled to do next month based on the latest filings. Those filings covered money raised from July 12, 2020 to Jan. 11. That would bring the total of public funds to be distributed in the race to close to $14 million. Ioanna Niejelow, Mr. Donovan’s finance director, said was “very different” to be campaigning through a pandemic. Mr. Donovan has been holding hourlong virtual fund-raisers with 50 to 75 people to allow him to interact with attendees.“I know all about grip and grin, and there’s a real beauty to that,” said Ms. Niejelow, a veteran fund-raiser who has worked on campaigns for Hillary Clinton and John Kerry. “But given this environment, virtual has been remarkable in terms of getting out there and having great conversations.”AdvertisementContinue reading the main story More
