Michael Jenkins, co-founder of the Wall Street trading firm Jane Street, made headlines with a substantial $650,000 contribution to the political action committee Ending Homelessness & Building a Better NYC (EHBB). This donation, recorded on April 16, adds to a previous $950,000 he contributed in November, as reported by New York Focus.
The PAC has been actively supporting City Council candidate Wilfredo López in The Bronx, who is vying to succeed term-limited Councilmember Diana Ayala. López, with a background as a legislative director for Councilmember Ben Kallos (D-Manhattan), is in a competitive race representing districts such as East Harlem, Mott Haven, and Randall’s Island.
In addition to supporting López, EHBB has endorsed three other City Council candidates shortly after Jenkins’ recent donation. These include Councilmembers Christopher Marte and Yusef Salaam, who are campaigning for reelection in Manhattan, and Erycka Montoya, a staffer for Council Speaker Adrienne Adams, who aims to replace term-limited Councilmember Francisco Moya in Queens.
Tomas Ramos, the CEO of the PAC and head of the Bronx-based nonprofit Oyate Group, is steering the organization, which has only one significant funder: Jenkins himself.
Michael Brady, a spokesperson for the PAC, emphasized EHBB’s mission, saying, “EHHB is an independent expenditure focused on issues rather than solely on candidates. While we have endorsed several candidates throughout NYC, EHHB is firmly committed to changing the status quo for New Yorkers and addressing the root causes of homelessness while working to find solutions that New Yorkers need and deserve.”
The financial backing from Jenkins could prove crucial in combating candidate spending limits, as campaign expenditures under the city’s Campaign Finance Board’s matching funds program are capped at $414,000. Unlike traditional campaigns, PACs and independent expenditure groups do not face such restrictions, allowing them greater financial freedom.
So far, EHBB has allocated a minimum of $145,143 to support López, primarily funding mailers, advertisements, and online videos to boost his campaign. López, in a statement to THE CITY, affirmed his commitment to the community, stating, “I am dedicated to running my race and serving the people of our community, from the ground up, by knocking on doors and meeting my neighbors where they are. Nobody will ever be able to buy my vote. I have always and will always fight for our working families and communities.”
Despite the PAC’s significant expenditures, there were reports of a two-month delay in disclosing its spending to the Campaign Finance Board, which Brady attributed to a clerical error. The group’s financial outlays have reportedly included mass mailings, digital advertisements, and events promoting López, alongside legal challenges aimed at his opponents.
Politico noted that Jenkins’ motivations for funding the PAC remain unclear, especially considering he has been retired for some time and holds no business interests involving the city or state.
Brady praised Ramos for his efforts in transforming fundraising and returning resources directly to the community, which he stated often unsettles entrenched interests in those neighborhoods.
As the primary elections in June approach, the PAC plans to announce additional endorsements, indicating that Jenkins’ financial contributions may play a pivotal role in the electoral landscape.
image source from：https://www.thecity.nyc/2025/04/25/michael-jenkins-pac-city-council-wilfredo-lopez/
