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A Month Before Mayoral Primary, Some Candidates Burn Through Campaign Cash As Others Stay Frugal

David Cruz

Published May 22, 2021

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Voters outside Madison Square Garden

Scott Lynch / Gothamist

David Cruz

Published May 22, 2021

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With exactly one month before New Yorkers vote in the Democratic primary for mayor, new campaign filing records show the dramatic difference in how candidates are managing their war chests as the race enters the final stretch.

The city Campaign Finance Board released new numbers late Friday showing former Wall Street executive Ray McGuire with $11.7 million raised for his campaign, more than any other candidate in the race. McGuire has done this without participating in the CFB’s matching funds program, intended to reduce the influence of big money in campaigns. McGuire has benefitted the most from campaign donors who give more than $1,000 to a campaign. Because McGuire spent more than the allowable limit in the race, the CFB updated the rules to clear other candidates to spend even more.

The runaway spending—mostly on consultants and media buys—has left McGuire with $3.4 million, representing just a third of the total money raised for his campaign. That’s a stark difference from Brooklyn Borough President Eric Adams, who’s raised $9.7 million, but is entering the last few weeks of the campaign with $5.2 million. That represents about 45% of his total campaign figures, the most campaign cash on hand. This gives Adams a greater advantage in the last phase of the campaign, often involving a serious media blitz complete with mailers and TV ads.

City comptroller Scott Stringer also shows he’s keeping an eye on his spending, with CFB records showing he has $3.5 million on hand. That represents 38% of the total $9.07 million he’s raised.

Meantime, entrepreneur Andrew Yang has raised $7.3 million, of which $2.5 million remains in his account, according to CFB records. That represents about 34% of his total monies. It’s just a hair more than what Dianne Morales, the former non-profit executive, has. Figures show she has $2.3 million in her account left, representing 78% of her total haul.

Kathryn Garcia, the former sanitation commissioner, is also steadily managing her campaign coffers, which had raised $3.05 million. Of that total, $1.5 million remains on hand, representing 57% of her total account.

Struggling the most to financially maintain her campaign is Maya Wiley, a civil rights who has just $1 million left in her coffers. That represents 22% of the total $4.4 million she’s raised. But unlike most of the candidates, Wiley has so far not benefitted from the pool of super PAC monies that have poured into the race.

The most controversial of super PACs is the New Start NYC, funded almost exclusively by Michael Donovan, the father of Shaun Donovan, a wealthy executive in the advertising technology sector. Newly released numbers show the super PAC raised $6.9 million, of which Donovan has contributed $6.8 million. The super PAC fell under scrutiny by the CFB, which briefly withheld matching funds for Donovan.

New York For Ray, a super PAC dedicated to McGuire, has raised $5.9 million to get McGuire elected, according to state campaign filing records. The super PAC had been raising well before Donovan's father had began pumping significant funds into New Start NYC. Unlike the Donovan-funded PAC, McGuire's monies come from a variety of sources, including those who've contributed to Republicans.

A pro-Adams PAC dubbed Strong Leadership NYC, has raised $2 million, according to the filings. CFB records show that the group spent $1.2 million on a television ad. Among the donors is Daniel Loeb, chair of the board of Success Academy Charter Schools network, who gave $500,000. Loeb also gave $500,000 to a super PAC in support of Yang named Comeback PAC.

Stringer also received support from two super PACs named Growing Economic Opportunities and Build New York Fund, which spent a total of $666,000 in spending.

None of the updated figures show whether the candidates' claims for matching funds have been yet. Those figures are expected to be released on May 27th.

The primary is June 22nd.

Tagged

election 2021

David Cruz

David is a former WNYC and Gothamist editor.

Gothamist is funded by sponsors and member donations

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