Million Dollar Mom
Mayor-elect Zoran Mamdani has been mingling with high-profile, wealthy liberal supporters during a series of costly private fundraising events, all aimed at hitting his ambitious $4 million transition target. This is notable, especially since he campaigned on the idea that billionaires shouldn’t hold sway in politics.
The newly elected Democratic Socialist, who plans to challenge what he calls modern-day oligarchy and address the rising cost of living, launched his fundraising effort on Tuesday. He named billionaire Michael Novogratz, CEO of cryptocurrency firm Galaxy Digital, as a co-host for a lavish fundraiser that quickly sold out at Novogratz’s home in West Village. According to reports, Novogratz remarked, “I’m going to root for him until he does something really disgusting.” He added that while Mamdani isn’t perfect, he hasn’t “driven his car into a ditch” yet.
Just the next day, Mamdani found himself rushing to a Tribeca residence where wealthy backers like Hunt oil heiress Leah Hunt-Hendrix and cryptocurrency enthusiast Marvin Anmoli were gathered to contribute more funds, as detailed in an invitation reviewed by the outlet.
Looking ahead, Mamdani is scheduled for more high-profile appearances, including two events uptown and an upscale gathering on the Lower East Side featuring celebrities like Julianne Moore, Mark Ruffalo, and others. Tickets for these events start at $1,000.
His fundraising effort depends heavily on affluent contributors to amplify smaller donations capped at $3,700. His transition team reported that Mamdani has already raised more than $3 million from roughly 30,000 donors.
“We accept donations from anyone who is interested in building a city that is more affordable for everyone,” Mamdani told the press, asserting that the affluent donors he is courting do not hold more influence over him than the everyday citizens.
The funds he is raising are primarily for operational costs, including staff salaries, rent, and legal expense associated with background checks, as he assembles a team of 84—larger than what recent mayors have typically deployed.
Transition co-chair Grace Bonilla mentioned, “We have volunteers who need meals.” She acknowledged the substantial expenses involved, saying, “It’s been a really expensive venture to make sure this mayor and other mayors are successful.”
Mamdani’s grassroots fundraising appears to be gaining traction, with an average donation of just $88 reported in November. This is significantly lower than the averages seen by previous mayors like Eric Adams and Bill de Blasio, who each raised over $1,000 per donation.
Adams and de Blasio had both accumulated roughly $2 million in transition funds from around 800 donors.
However, some critique remains regarding Mamdani’s connections with the elite, as he previously campaigned against the undue influence of the wealthiest 1%. “We’re talking about New Yorkers leaving for New Jersey, Pennsylvania, and Connecticut, and the tax base getting smaller every day,” he noted during an appearance on NBC News. He warned that if action isn’t taken to address these issues, “the city will be lost” and reiterated his stance against billionaires in positions of power.
Notably, New York City hosts more billionaires than any other city, with a total of 123.
