These Billionaires Have Already Spent $19 Million In A Bid To Defeat Mamdani

Michael Bloomberg and anti-DEI pundit Bill Ackman are just two of the many billionaires showering cash on Cuomo.

By Mike Ludwig, TruthOut

As the housing crisis and wealth inequality emerge as top issues for voters in New York City, mayoral hopeful Zohran Mamdani has called for higher taxes on the rich to pay for services and famously suggested that billionaires should not exist. Mamdani’s viral campaign handily defeated Andrew Cuomo, New York’s former governor, in a Democratic primary earlier this year. As expected, billionaires and billionaire-owned companies such as Airbnb and DoorDash are now spending big to defeat Mamdani and influence the race.

An analysis of new campaign finance filings by influence trackers at the nonprofit public interest research organization LittleSis found that multiple billionaires and their companies have funneled more than $19 million into political action committees (PACs) that support Cuomo or oppose Mamdani and other candidates. With names such as Fix the City, Inc. and Affordable New York, such super PACS provide a vehicle for elite New Yorkers and corporate interests to influence public opinion on the race.

For example, the short-term rental company Airbnb reported a $5 million donation to Affordable New York, a group that has spent heavily on city races and reported spending $1.3 million opposing Mamdani and his progressive ally, city comptroller Brad Lander. According to SEC filings, Airbnb’s three billionaire co-founders — Brian Chesky, Nathan Blecharczyk, and Joe Gebbia — collectively control 79 percent of the voting power at the company. Venture capital firm Sequoia Capital, backed by billionaires Michael Moritz and Douglas Leone, holds a further 10 percent.

Airbnb and other short-term rental companies with a similar business model face backlash from tenant unions and housing advocates for contributing to a historic housing crisis in New York City and across the country. Like in other cities, regulation of short-term rentals is a hot button issue in New York, often pitting tenants against landlords, homeowners, and tourists.

In contrast to the list of more than a dozen billionaires lining up behind Cuomo, Mamdani, a democratic socialist and state assemblyman, has benefited modestly from the support of a single billionaire known for supporting education reform and LGTBQ rights. Elizabeth Simons, a hedge fund heiress and bilingual educator, gave $250,000 to the pro-Mamdani PAC New Yorkers for Lower Costs. The group has spent $921,045 supporting Mamdani and $426,835 opposing Cuomo, according to LittleSis.