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      Who Are the Billionaires’ Picks for New York Mayor? Follow the Money.

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      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. Ray McGuire’s super PAC has raised roughly $7 million from donors like Kenneth Langone, the billionaire co-founder of Home Depot.James Estrin/The New York TimesThe 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?”Some billionaire donors who had supported a super PAC behind Andrew Yang have switched financial allegiances to Eric Adams.Andrew Seng for The New York TimesOne 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..css-1xzcza9{list-style-type:disc;padding-inline-start:1em;}.css-3btd0c{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:1rem;line-height:1.375rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-3btd0c{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-3btd0c strong{font-weight:600;}.css-3btd0c em{font-style:italic;}.css-w739ur{margin:0 auto 5px;font-family:nyt-franklin,helvetica,arial,sans-serif;font-weight:700;font-size:1.125rem;line-height:1.3125rem;color:#121212;}#NYT_BELOW_MAIN_CONTENT_REGION .css-w739ur{font-family:nyt-cheltenham,georgia,’times new roman’,times,serif;font-weight:700;font-size:1.375rem;line-height:1.625rem;}@media (min-width:740px){#NYT_BELOW_MAIN_CONTENT_REGION .css-w739ur{font-size:1.6875rem;line-height:1.875rem;}}@media (min-width:740px){.css-w739ur{font-size:1.25rem;line-height:1.4375rem;}}.css-9s9ecg{margin-bottom:15px;}.css-uf1ume{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}.css-wxi1cx{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-self:flex-end;-ms-flex-item-align:end;align-self:flex-end;}.css-12vbvwq{background-color:white;border:1px solid #e2e2e2;width:calc(100% – 40px);max-width:600px;margin:1.5rem auto 1.9rem;padding:15px;box-sizing:border-box;}@media (min-width:740px){.css-12vbvwq{padding:20px;width:100%;}}.css-12vbvwq:focus{outline:1px solid #e2e2e2;}#NYT_BELOW_MAIN_CONTENT_REGION .css-12vbvwq{border:none;padding:10px 0 0;border-top:2px solid #121212;}.css-12vbvwq[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-12vbvwq[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-12vbvwq[data-truncated] .css-5gimkt:after{content:’See more’;}.css-12vbvwq[data-truncated] .css-6mllg9{opacity:1;}.css-qjk116{margin:0 auto;overflow:hidden;}.css-qjk116 strong{font-weight:700;}.css-qjk116 em{font-style:italic;}.css-qjk116 a{color:#326891;-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:1px;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:visited{color:#326891;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:hover{-webkit-text-decoration:none;text-decoration:none;}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.Two super PACS supporting Maya Wiley, the leading left-wing candidate, have reported raising $1 million.Jonah Markowitz for The New York TimesMaya 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.” More

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      Wall Street Favorite Raises $5 Million in Race for New York Mayor

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      #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 storyWall Street Favorite Raises $5 Million in Race for New York MayorNew York’s business community is coalescing behind Raymond J. McGuire, an ex-Wall Street executive, but the support may turn off some left-leaning voters.At least 20 billionaires have donated to the mayoral campaign fund for Raymond J. McGuire, far left.Credit…Simbarashe Cha for The New York TimesJan. 13, 2021Updated 8:37 a.m. ETAs thousands of restaurants, Midtown office towers and Broadway theaters lay empty last summer, leaders of New York’s business community decided enough was enough: They wrote a scathing letter expressing no confidence in Mayor Bill de Blasio, and intensified efforts to find someone of their liking to replace him.They drafted Raymond J. McGuire, one of the longest-serving and highest-ranking Black executives on Wall Street, to run for mayor, and promised their assistance.Now, three months after announcing his candidacy, that support has come: Mr. McGuire’s campaign will report this week that it has already raised just over $5 million. It was an unusually high sum for such a short period, approaching the fund-raising totals of established candidates like Scott M. Stringer, the city comptroller, and Eric Adams, the Brooklyn borough president.The amount is likely to jolt the race, pushing Mr. McGuire to the forefront of the free-for-all Democratic primary contest, placing pressure on Mr. Adams and Mr. Stringer to keep pace, and damaging the hopes of the other dozen or so candidates still struggling to meet fund-raising minimums to qualify for public matching funds.Mr. McGuire’s donor list reads like an index from corporate America, Wall Street, the entertainment industry and real estate. There are at least 20 billionaires on the list, including owners of sports teams and oil company chief executives. There’s old money dating back to the Ottoman Empire, and new money earned with the kings and queens of hip-hop culture.While the support illustrates the potency of Mr. McGuire’s candidacy, the ties to big business may be anathema to many left-leaning Democratic voters in New York, a city where political pressure has torpedoed efforts to expand Industry City in Brooklyn, and discouraged Amazon from pursuing a headquarters in Queens.Indeed, prominent Republican donors are among Mr. McGuire’s supporters, including Ken Langone, one of the founders of Home Depot, and his wife, Elaine, who each donated the maximum amount of $5,100. Kara Ross, a jewelry designer and the wife of Stephen Ross, a friend and fund-raiser of President Trump who founded Related Companies, also donated $5,100, according to campaign finance data shared with The New York Times.Mr. McGuire also received large donations from James L. Dolan, a major Republican and Trump donor who owns the Knicks and Madison Square Garden; and Richard S. Fuld Jr., the last chief executive of Lehman Brothers, which declared the largest bankruptcy in United States history during the 2008 financial collapse, and his wife, Kathy.Mr. McGuire, a former vice chairman at Citigroup, did not shy away from his support in the business community.“New Yorkers of all walks of life have shown they believe in our movement to lead the greatest comeback this city has ever seen, and everyone will be a part of it, no matter your race or religion, ZIP code or bank account, ideology or orientation,” Mr. McGuire said in a statement this week.Mr. McGuire raised so much money that it will actually benefit the candidates participating in the city’s matching funds program; when a candidate who is not participating in the program — Mr. McGuire is not — raises or spends more than half of the spending cap for program participants, the $7.3 million spending limit for primary candidates may be increased by 50 percent, according to Campaign Finance Board regulations. The change would push the primary spending limit to $10.9 million.Mr. Adams, the Brooklyn borough president, and Mr. Stringer, the comptroller, are the only two candidates who have met the threshold for matching funds so far.Mr. McGuire’s campaign has more than 3,700 donors who gave an average amount of $1,100. About 575 donors contributed the maximum amount. At least 75 percent of donors live in New York City, mostly in Manhattan.Scott Stringer, the city’s comptroller, is one of two mayoral candidates with more campaign funds than Mr. McGuire.Credit…Chang W. Lee/The New York TimesPaul T. Schnell, a partner at the law firm Skadden, Arps, Slate, Meagher & Flom who oversees mergers and acquisitions, has known Mr. McGuire for 38 years and counts himself among the business leaders who nudged Mr. McGuire to run for mayor. Mr. Schnell and his family donated a total of $11,700 to Mr. McGuire. As the head of “Lawyers for Ray,” Mr. Schnell held a fund-raiser that raised more than $142,000, much of it from those who work at his law firm.“He’s got a combination of leadership, management and business skills but also great people skills and empathy,” Mr. Schnell said. “He will use those skills to restore the city’s economy and he’s going to do that for small businesses as well as large employers.”Mr. de Blasio has mostly avoided any relationships with business leaders, long priding himself on being a champion of the working class. When asked in December about equity in education, the mayor said that his “mission is to redistribute wealth.”As the 2021 mayoral field began to take shape, it became clear that none of the presumed front-runners seemed interested in working with business leaders, and Mr. McGuire was strongly encouraged to enter the race.A tipping point came last year, when the mayor was asked whether he worried that the wealthy were abandoning the city during the pandemic. The mayor responded, “We do not make decisions based on the wealthy few.”The frustration in the business community has now translated into keen support for Mr. McGuire. He received donations from prominent business leaders such as William A. Ackman, chief executive of Pershing Square Capital Management; Danny Meyer of the Union Square Hospitality Group; Steve Stoute, a former record executive turned marketing executive; and Robert Reffkin, a co-founder and chief executive of the real estate brokerage Compass.Hutham S. Olayan, a member of one of the wealthiest families in the Arab world, gave two donations of $2,500; there were 11 donations from members of the Tisch family and five donations from members of the Lauder family, including maximum donations from Leonard A. Lauder, the philanthropist and chairman emeritus of the Estée Lauder Companies, and his wife, Judy Glickman Lauder; his son William P. Lauder, executive chairman of the Estée Lauder Companies; and his niece Jane Lauder, who is also a high-ranking executive at the firm.Voters are not likely to be surprised that Mr. McGuire, a Wall Street executive, would turn to wealthy friends to raise money, though progressives could make an issue of it, said Bruce Gyory, a Democratic strategist.But with so many people vying for the Democratic nomination, including several progressive-minded candidates, it is not clear how much Mr. McGuire’s business ties will damage his chances, especially with ranked-choice voting allowing as many as five candidates to be chosen.Mr. Gyory said that Mr. McGuire’s credibility in the business world could shore up support among Black voters.“The question is can he take his fund-raising prowess and turn it into support in the Black community in Southeast Queens and the North Shore of Staten Island and create a message that resonates,” Mr. Gyory said. “African-American voters may say, we have a candidate who can compete and we should take a second look.”Mr. McGuire also leaned on his personal business connections. Charles Phillips, Mr. McGuire’s campaign co-chairman and the former president of Oracle who sits on several corporate boards, and William M. Lewis Jr., co-chairman of investment banking at Lazard, are both personal friends. They co-hosted the initial fund-raiser for the campaign, which raised more than $400,000. Both also made maximum contributions.Eric Adams, the Brooklyn borough president, leads all mayoral candidates in fund-raising.Credit…Hiroko Masuike/The New York TimesSeveral well-known people in the entertainment industry also donated money to Mr. McGuire, including the filmmaker Spike Lee and his wife, the producer Tonya Lee Lewis; Mr. Lee provided the narration for Mr. McGuire’s campaign launch video.Others included Michael Ovitz, co-founder of Creative Artists Agency; the ballerina Misty Copeland; Jessica Seinfeld, the cookbook author, philanthropist and wife of the comedian Jerry Seinfeld; Gwyneth Paltrow; Debra L. Lee, the former head of Black Entertainment Television; Valerie Jarrett, a former adviser to President Barack Obama; and the music executive Lyor Cohen.The campaign has approximately $3.7 million on hand, which means that Mr. McGuire has been spending about $442,000 per month to keep his campaign staff of 25 running. By comparison, Mr. Stringer has $5.7 million on hand and has spent just over $429,000. Mr. Adams has $6.6 million on hand and has spent just over $367,000, according to the most recent campaign finance filings.Carlos Menchaca, a councilman from Brooklyn, is one of the mayoral candidates who is not expected to reach the threshold for public matching funds. Mr. Menchaca, who was instrumental in turning back the proposed expansion and rezoning of Industry City, said that New York City is now committed to rejecting “candidates connected to toxic policy around development and Wall Street.”“I’m incredibly confident that New Yorkers will see through these campaigns that have not distanced themselves,” he said. “Viability is not connected to money.”AdvertisementContinue reading the main story More