Billionaires spend $19 million to block NYC mayoral candidate Zohran Mamdani, new report says

NEW YORK, United States (MNTV) — New York City assemblyman Zohran Mamdani is facing an unprecedented wall of billionaire money as he campaigns to become the city’s next mayor, with ultra-wealthy donors pouring millions into efforts to block his progressive tax agenda.

According to a new report by Americans for Tax Fairness Action Fund titled “Billionaires Buying Gracie Mansion,” just 62 billionaires and their family members have contributed $18.7 million—37% of all outside spending in the race—with nearly all of it aimed at stopping Mamdani’s bid for Gracie Mansion. The report reveals that Mamdani faces a staggering 50-to-1 deficit in billionaire spending compared to his more conservative rivals.

“Zohran Mamdani is a direct economic threat to billionaires’ dominance over New York City, and everyone knows it,” the report states, noting that his candidacy has “generated unprecedented grassroots enthusiasm” despite the financial disadvantage.

Former mayor and media mogul Michael Bloomberg, worth roughly $109 billion, is leading the charge, personally donating $8.3 million—nearly half of all billionaire spending in the race—to the main super PAC opposing Mamdani.

The Lauder cosmetics family has contributed $2.6 million, while hedge fund manager Bill Ackman added $1.5 million and oil executive John Hess gave $1 million.

The billionaire cash is almost entirely backing independent candidate Andrew Cuomo, with 58 of the 62 billionaire donors giving $18.4 million to Cuomo-aligned super PACs.

Only two billionaire supporters have backed Mamdani, contributing just $270,000.

“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,” said Americans for Tax Fairness executive director David Kass.

“Zohran Mamdani is showing the way for politicians who still haven’t figured out that fairer taxes on the rich and corporations are both good policy and good politics.”

Mamdani’s progressive platform challenges elite interests

What’s driving this extraordinary opposition? Mamdani’s platform centers on making New York City more affordable for everyday people. His proposals include raising city taxes by 2 percentage points on incomes over $1 million and increasing the corporate tax rate by 2.65 percentage points—reforms estimated to generate $9 billion annually.

His agenda also features a rent freeze, more affordable housing, city-owned grocery stores, fare-free buses, no-cost childcare, and raising the minimum wage to $30 by 2030.

The stakes are particularly high in a city where income inequality has reached extreme levels.

In 2022, households earning over $1 million captured 35% of all income generated in New York City—nearly double the national share for millionaires.

Meanwhile, one in four city families earn less than $47,000 annually, and the poverty rate is double the national average.

Currently, New York City’s income tax is flat for all earners above $90,000, meaning Bloomberg—who reports an average annual income of $2 billion—pays the same top tax rate as a teacher or bus driver.

Grassroots campaign outpaces billionaire-funded rivals

Despite being outspent nearly 3-to-1, Mamdani has mounted a competitive campaign through New York City’s public matching funds system, which provides $8 for every dollar donated by small contributors.

His campaign has received $12.9 million in public matching funds compared to Cuomo’s $7 million, reflecting his broader base of grassroots support.

The 62 billionaire spenders have contributed nearly twice as much to influence this election as the nearly 60,000 individual contributors who donated directly to all candidates combined.

The average billionaire contribution to super PACs was $300,000—over 1,600 times more than the $179 average from regular donors.

As Election Day approaches, the race has become a stark test of whether grassroots energy can overcome plutocratic power in America’s largest city.

Mamdani, who recently drew massive crowds to a rally featuring Sen. Bernie Sanders, Rep. Alexandria Ocasio-Cortez, and Gov. Kathy Hochul, has vowed to stand up to President Donald Trump, who has threatened to arrest him and cut federal funding to the city if Mamdani wins.