A week away from Election Day in New York City, a national economic justice group released a report on Tuesday revealing how billionaires “outraged at the prospect of the rich and corporations paying higher taxes” have spent millions of dollars to defeat Democratic mayoral nominee Zohran Mamdani.
According to the Americans for Tax Fairness Action Fund (ATFAF) report titled *Billionaires Buying Gracie Mansion*, just 62 billionaires and descendants of billionaire families—referred to as “billionaire spenders”—have contributed over one-third (37%), or $18.7 million, of all the donations collected by outside expenditure groups involved in the race as of October 14.
The report notes that “almost all of that money has backed former New York state Gov. Andrew Cuomo,” who is running as an Independent after losing the Democratic primary to Mamdani. Mamdani, a democratic socialist and state Assembly member, has campaigned on promises to make New York City more affordable for everyday people, with a focus on “taxing the rich!”
Specifically, 58 out of the 62 billionaire spenders have given a total of $18.4 million to Cuomo-aligned super political action committees (super PACs), according to ATFAF. In contrast, Mamdani has received the support of just two billionaire spenders, who together have contributed $270,000 to outside PACs pushing his candidacy.
The report highlights billionaire former NYC mayor and media mogul Michael Bloomberg, who has a net worth of approximately $109 billion. Bloomberg is leading the anti-Mamdani effort, having personally donated $8.3 million to the main super PAC backing Cuomo.
Bloomberg and the other billionaires trying to influence the race have collectively spent nearly twice the amount that 60,000 individual contributors have donated directly to the three general election candidates, including Republican Curtis Sliwa. This disparity exists because, unlike direct donations to candidates, there is no limit on contributions to outside spending groups.
New York City is not only the nation’s most populous city but also a billionaire hotspot. The report points out that as of October 1, New York City is the primary residence of 111 billionaires, according to Forbes. Many more billionaires own second homes or business properties in the city. Together, these 111 billionaires are worth $717 billion—over six times the city’s annual budget.
While Cuomo is backed by billionaires, Mamdani has earned endorsements from national progressive leaders, including Senator Bernie Sanders (I-Vt.) and Congresswoman Alexandria Ocasio-Cortez (D-NY), whose district covers parts of the Bronx and Queens. Sanders, Ocasio-Cortez, and New York state leaders, including Democratic Governor Kathy Hochul, joined for a massive Sunday night rally in support of Mamdani.
Mamdani’s platform calls for taxing corporations and the top 1%, implementing a rent freeze, constructing more affordable housing, establishing city-owned grocery stores, offering fare-free buses, providing no-cost childcare, expanding renewable energy on public lands, raising the minimum wage to $30 by 2030, and more.
He has also pledged to stand up to Republican President Donald Trump, a former longtime New Yorker who has threatened to arrest Mamdani and cut all federal funding to New York City if Mamdani wins.
Recent polling suggests Mamdani is well-positioned to win the contest.
“Billionaires feel threatened by a modest proposal to raise taxes on the wealthiest New Yorkers to help make life more affordable for ordinary city residents. That’s why they’re spending millions to drown out the effort with their money,” said Americans for Tax Fairness executive director David Kass in a Tuesday statement.
https://www.rawstory.com/msn/zohran-mamdani/