Andrew Yang Raises $2.1 Million in Donations for NYC Mayoral Run

NEW YORK, NEW YORK - JANUARY 14: New York City Mayoral candidate Andrew Yang speaks at a press conference on January 14, 2021 in New York City. Former presidential candidate Andrew Yang announced his candidacy for Mayor of New York City. (Photo by Michael M. Santiago/Getty Images) Photographer: Michael M. Santiago/Getty Images North America

Andrew Yang has raised more than $2.1 million in direct contributions in two months for his New York City mayoral race, an amount expected to grow to $6.5 million when matchable donations are counted, according to a campaign memo.

By Martin Z. Braun

Word Count: 820
(Bloomberg) — 

Yang, 46, the entrepreneur and former U.S. presidential candidate, reported 15,600 donors and is eligible for 8-to-1 matching funds on more than $570,000 small-dollar contributions from city residents, the memo said. Candidates who participate in the city’s public campaign-finance program are eligible to receive as much as $2,000 in public funds per contributor.

The numbers “quantify how New Yorkers are drawn to the hope that Andrew promises following a year of isolation and loss,” the memo from Yang’s campaign said. “It’s not just his name ID. It’s about him. People like Andrew and they are rooting for him like he’s rooting for New York.”

Yang and Brooklyn Borough President Eric Adams have taken an early polling lead in the race to replace Mayor Bill de Blasio, who is term limited. Yang’s most well-known plan is a basic income proposal that would dispense $1 billion, or as much as $2,000 a year in monthly installments, to 500,000 of the city’s poorest residents.

The fundraising deadline for the city’s seventh campaign finance-reporting period for the 2021 election cycle was March 11, and the reports will be disclosed before midnight Monday on the New York City Campaign Finance Board’s website. All contributions claimed for match must be documented and reported properly in order to be matchable under the Campaign Finance Program.

Union Backing

Adams, a 22-year New York Police Department veteran who retired as a captain, has more than $8 million to spend on his run for mayor, after the next round of matching funds are released, his campaign said. Like Yang, Adams is participating in the public financing program, which limits spending to about $7.3 million on the June primary and another $7.3 million on the general election in November.

The Democrat reported raising about $330,000 over the past two months, which will increase to $750,000 after matching funds are disbursed, according to a news release from his campaign. He had about $7.5 million on hand as of Jan. 11, according to the New York City Campaign Finance Board.

Adams has the backing of District Council 37, New York City’s largest municipal employee union, which represents 150,000 civil servants and 50,000 retirees. Adams also was endorsed by the Hotel Trades Council, the hotel workers’ union, and the Service Employees International Union, Local 32BJ, which represents janitors, doormen, security officers and airport workers.

Adams isn’t the only Democrat with powerful labor backing. Maya Wiley, a former civil rights lawyer and MSNBC legal analyst, was endorsed in February by SEIU’s Local 1199, the largest U.S. health-care union, with about half of its national membership of more than 400,000 people located in the city and Long Island.

Wiley, who has received contributions from more than 10,000 donors, has raised about $4 million with matching funds, according to her campaign. Wiley received $1.9 million in matching contributions on Monday.

“With less than 100 days left in this campaign, we will have all the funds we need to speak to New Yorkers across the five boroughs about why Maya Wiley is the changemaking woman we need at City Hall,” campaign manager Maya Rupert said in an emailed statement.

An independent spending committee set up for former Citigroup Inc. banker Ray McGuire has raised $1.9 million with donations from Wall Street heavyweights, including former Morgan Stanley chief executive officer John Mack, Hess Corp. CEO John Hess and hedge fund manager Mark Kingdon.

Hess donated $500,000 to New York for Ray, Kingdon contributed $100,000 and Mack chipped in $20,000. Other contributers included philanthropist Agnes Gund, who gave $250,000, investor Louis Bacon who donated $50,000 and former Lehman Brothers Holdings Inc. CEO Richard Fuld, who gave $2,500.

McGuire, who isn’t participating in the public campaign financing program, says he has raised more than $5 million in campaign funds. However, his message hasn’t yet engaged voters: Only 3% of them said they would vote for him, according to a March poll conducted by Emerson College. That compares with front-runner Yang, who garnered nearly a third of the vote from those surveyed. Almost a fifth of voters said they’d back Eric Adams, the Brooklyn borough president. The poll of registered voters has a margin of error of plus or minus 2.8 percentage points.

City Comptroller Scott Stringer’s campaign said he raised $1 million, including matchable donations, in the two-month fundraising period ending March 11. Stringer has almost $8 million on hand for the final three months of the campaign.

“New Yorkers want a progressive leader to rebuild New York City fairer than ever before — and they know I’ll be ready on day one to do it,” Stringer said in a news release.

(Adds McGuire political action committee in 12th and Stringer fundraising in 15th paragraph)

–With assistance from Henry Goldman.


Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Daily Maverick Elections Toolbox

Feeling powerless in politics?

Equip yourself with the tools you need for an informed decision this election. Get the Elections Toolbox with shareable party manifesto guide.