These Billionaires Are Spending Big To Stop Mamdani From Becoming NYC’s Mayor

Key Concepts

• Mayoral Race: The competition to become the mayor of New York City.
• Democratic Socialist: A political ideology advocating for social ownership and democratic control of the means of production.
• Billionaire Opposition: Wealthy individuals contributing significant funds to oppose a particular candidate.
• Political Donors: Individuals or groups who contribute money to political campaigns or organizations.
• Campaign Finance: The laws and regulations governing the funding of political campaigns.
• Left-Wing Populist Agenda: A political platform characterized by policies aimed at benefiting ordinary people and often critical of established elites.
• Rent Control: Government regulation of rental prices.
• Universal Child Care: A system providing affordable or free child care services to all citizens.
• Marginal Income Tax Rate: The tax rate applied to an additional dollar of income.
• Corporate Income Tax: A tax levied on the profits of corporations.

Billionaires Fund Opposition to NYC Mayoral Frontrunner

This report details the significant financial backing provided by billionaires to oppose the mayoral candidacy of Zoran Mam Donnie, a 34-year-old Democratic socialist New York State Assemblyman. Mam Donnie is currently leading in the race, ahead of former Governor Andrew Cuomo and talk show host Curtis Siwa.

Financial Contributions Against Mam Donnie

• Total Opposition Spending: Over $22 million has been donated by 26 billionaires and members of billion-dollar families to support candidates running against Mam Donnie.
• Key Opposing Donors:
  • Bill Ackman: Hedge fund manager who contributed $1.75 million to political groups opposing Mam Donnie.
  • Ronald Lauder: Cosmetics heir who contributed $750,000.
  • Michael Bloomberg: Former New York Mayor who endorsed Andrew Cuomo and donated $8.3 million to "Fix the City, Inc." in June, prior to Mam Donnie winning the Democratic primary.
  • Reed Hastings: Netflix co-founder who donated $250,000 to "Fix the City, Inc." before the primary.
  • Barry Diller: Media entrepreneur who donated $250,000 to "Fix the City, Inc." before the primary.
  • Steve Wynn: Casino magnate who donated $500,000 in October.
  • John Hess: Oil baron who has contributed $1 million in total.
  • The Tish Family: Donated at least $1.2 million to groups opposing Mam Donnie. Notably, Jessica Tish is the New York City Police Commissioner, and Mam Donnie has expressed intent to retain her if elected.
• Geographic Distribution of Donors:
  • 16 of the 26 billionaire donors are New York City residents.
  • 10 billionaires reside outside of New York, including Alice Walton (Walmart heir from Texas), Daniel O (Fidian hedge funder), and John Fish (Bostonian involved in projects like the Waldorf Astoria Hotel renovation and a new skyscraper at 525th Avenue).

Mam Donnie's Agenda and Stance

• Left-Wing Populist Platform: Mam Donnie advocates for policies such as freezing rents in rent-controlled apartments, making city buses free, and establishing universal child care.
• Funding Proposals: These initiatives are proposed to be funded by increasing the top marginal income tax rate in New York City by two points and raising corporate income taxes from 7.25% to New Jersey's rate of 11.5%.
• Evolution of Stance: While Mam Donnie has previously stated, "I don't think we should have billionaires because frankly, it is so much money in a moment of such inequality," he has recently engaged with business leaders to gain support or alleviate concerns. His platform does not call for the elimination of billionaires.

Timeline of Donations

• Pre-Primary Donations: Over half of the total opposition donations, approximately $13.6 million, were made before Mam Donnie secured the Democratic primary on June 24th.
• Post-Primary Donations: Significant contributions continued after the primary, indicating sustained opposition.

Key Arguments and Perspectives

• Billionaires' Rationale: Mam Donnie himself stated at an October 13th rally that billionaires like Bill Ackman and Ronald Lauder are pouring money into the race because they perceive him as an "existential threat."
• Mam Donnie's Critique of Wealth: His past statements highlight a concern about the concentration of wealth and its influence, particularly in times of significant economic inequality.
• Business Community Concerns: The substantial financial opposition suggests that Mam Donnie's proposed policies, particularly tax increases and rent freezes, are viewed as detrimental by some in the business and financial sectors.

Real-World Applications and Examples

• "Fix the City, Inc.": A political group that received substantial funding from Michael Bloomberg, Reed Hastings, and Barry Diller to campaign against Mam Donnie.
• Cuomo's Independent Campaign: Andrew Cuomo, a former governor, is running as an independent, and a significant portion of the billionaire opposition funding has been directed towards his campaign.
• Mam Donnie's Policy Proposals: The specific policy proposals like rent freezes and free public transit are concrete examples of the agenda that has drawn significant financial opposition.

Conclusion

The New York City mayoral race is characterized by a substantial financial effort from a coalition of billionaires aiming to prevent Zoran Mam Donnie, a Democratic socialist, from winning the election. This opposition, totaling over $22 million, highlights concerns among the wealthy about Mam Donnie's left-wing populist agenda, which includes proposals for rent control, free public transit, and universal child care funded by tax increases. While Mam Donnie has expressed critiques of wealth inequality, he has also engaged with business leaders, suggesting a pragmatic approach to governance. The significant financial backing for his opponents underscores the high stakes and differing visions for the future of New York City.