Democratic socialist Zohran Mamdani remains the frontrunner in the New York City mayoral race, pushing a platform of expanded services for everyday New Yorkers and taxes for the ultrawealthy. As his campaign enters its final days and voting begins, the efforts of several billionaire donors to defeat Mamdani have become clearer.
Billionaires have spent millions in opposition to Mamdani
Mamdani has said that billionaires shouldn’t exist and proposed a 2% tax increase on New Yorkers earning over $1 million. His stances have earned him opposition from many ultrarich individuals and families, as Forbes reported that at least 26 billionaires or members of billionaire families have donated at least $100,000 each to oppose Mamdani, either by giving money to one or more of his opponents in the race or funding political organizations campaigning against him. Some of these billionaires have donated hundreds of thousands, or even millions, of dollars apiece; overall, Forbes estimates that these 26 billionaires have spent more than $22 million against Mamdani.
During the Democratic primary campaign, former New York City Mayor and onetime presidential candidate Michael Bloomberg supported the candidacy of former New York Gov. Andrew Cuomo. He also donated $8.3 million to a group called Fixed the City, which opposed Mamdani. Airbnb co-founder Joe Gebbia, who currently serves in the newly created role of chief design officer in the Trump administration, has donated $3 million against Mamdani and has shared at least one social media post referring to Mamdani as a “terrorist.” Other donors contributing at least $1 million to anti-Mamdani efforts include hedge fund manager Bill Ackman, the heirs of cosmetic mogul Estée Lauder, and the powerful Tisch and Hess families.
Democrats rally around Mamdani as conservatives attack
While Mamdani’s candidacy has divided Democratic progressives and moderates, the party appears to be rallying around him in the final stretch of his campaign. Mamdani appeared at a rally in Queens Sunday night alongside Vermont Sen. Bernie Sanders and New York Rep. Alexandria Ocasio-Cortez, the two most prominent democratic socialists in the U.S. and two of Mamdani’s biggest supporters. Also speaking was New York Gov. Kathy Hochul, who has endorsed Mamdani despite disagreeing with some of his policies; during her speech, Hochul was nearly drowned out by hecklers chanting “tax the rich!” On Friday, House Minority Leader Hakeem Jeffries, who represents New York’s 8th Congressional District, which includes much of Brooklyn, endorsed Mamdani. Jeffries told The New York Times that despite “areas of principled disagreement” between him and Mamdani, he believes “Zohran Mamdani has relentlessly focused on addressing the affordability crisis and explicitly committed to being a mayor for all New Yorkers, including those who do not support his candidacy.”
Meanwhile, Mamdani continues to be attacked by his opponents, Cuomo, who ran as an independent after losing to Mamdani in the Democratic primary, and Republican candidate Curtis Silwa. Incumbent New York City Mayor Eric Adams, a Democrat, dropped his reelection bid and subsequently gave his endorsement to Cuomo. Mamdani has been accused of antisemitism and of allegedly associating with supporters of terrorism, accusations that he and his team say are not only baseless but also rooted in prejudice against Mamdani, who would become the first Muslim mayor of New York City. Vice President JD Vance recently dismissed Mamdani’s complaint about Islamophobia. President Donald Trump has called Mamdani a “communist” and threatened to withhold funds to New York City should he become mayor.
Despite this opposition, recent polls show Mamdani maintaining a double-digit lead over Cuomo, his closest opponent. Early voting is already underway in New York City ahead of Election Day on Nov. 4. So far, the combined efforts of dozens of billionaire opponents have not stopped the momentum for Mamdani, who remains poised to be elected the next mayor of New York City.