New Independent Expenditure Group Aims to Raise $20 Million to Oppose Zohran Mamdani's Mayoral Bid

New York City, NY – A newly formed independent expenditure group, "New Yorkers for a Better Future Mayor 25," has launched with an ambitious plan to raise between $20 million and $25 million to campaign against Democratic mayoral nominee Zohran K. Mamdani. The initiative comes as a segment of New York's financial community seeks to counter Mamdani's ascent following his unexpected victory in the Democratic primary. The group was officially registered with the state Board of Elections on Tuesday.

The super PAC's formation reflects growing concern among wealthy financiers and real estate developers regarding Mamdani's progressive platform. Zohran K. Mamdani, a Queens assemblyman and self-identified democratic socialist, secured the Democratic nomination after defeating former Governor Andrew Cuomo in the primary election. His policy proposals, including a rent freeze on regulated apartments and increased taxes on millionaires and corporations, have drawn strong opposition from business interests.

Financiers, including investor Bill Ackman and real estate developer Gary Barnett, are reportedly involved in or considering donations to the new group. Jeff Leb serves as the treasurer for "New Yorkers for a Better Future Mayor 25," which is an offshoot of a similarly named PAC that supported centrist candidates in the recent City Council primary. JPMorgan Chase CEO Jamie Dimon publicly criticized Mamdani, calling him "more a Marxist than a socialist," reflecting the sentiment among some business leaders.

Despite the significant fundraising goal, strategists for the anti-Mamdani effort have not yet coalesced around an alternative candidate, with current Mayor Eric Adams and former Governor Andrew Cuomo both on the ballot as independents. Previous large-scale independent expenditures, such as the $22.3 million spent by the "Fix the City" PAC in support of Cuomo, failed to prevent Mamdani's primary win. This history raises questions about the effectiveness of such substantial spending against the Democratic nominee.

Mamdani, for his part, has engaged with business leaders, including planned meetings with corporate CEOs hosted by the Partnership for New York City, in an apparent effort to allay fears. He has stated, "My vision of this city is not one where any business leader leaves this city, where any real estate developer feels as if they have no place in the city." The upcoming general election is set to be a significant test of the influence of independent spending in New York City politics.