Andrew Cuomo, the frontrunner in New York City’s mayoral race, has gained a significant financial advantage following a massive $5 million contribution from billionaire Michael Bloomberg.
This unprecedented amount was funneled into a super PAC supporting Cuomo, named Fix the City, just as early voting begins for the upcoming Democratic primary on June 24.
Cuomo, a former governor of New York, is now positioned strongly at one end of the financial spectrum, while his opponent Jessica Ramos finds herself in a precarious situation with nearly $100,000 in debt.
Bloomberg’s endorsement came after a period of tension between him and Cuomo, making the contribution all the more noteworthy. The super PAC has raised nearly $19 million since its inception, a record for independent expenditures in New York state history.
This financial boost provides Cuomo with a significant edge, making competition for his fellow candidates, like Ramos, almost insurmountable.
In contrast, Ramos, a progressive state senator from Queens, has faced mounting challenges as her campaign finances reveal she raised only around $6,000 in the recent reporting period.
Her latest disclosures show that she owes approximately $25,000 in outstanding salary to her campaign manager, Trivette Knowles, going back to early April, along with substantial debts to various consultants.
Recently, Ramos made headlines with her unexpected endorsement of Cuomo, urging her supporters to list him as their second choice on their ranked-choice ballots.
This surprising move sparked outrage among many Democrats, particularly given Ramos’s history as a vocal critic of Cuomo, which included calls for his resignation in 2021 over allegations of sexual misconduct and pandemic mismanagement.
Despite the backlash, Ramos defended her endorsement by claiming Cuomo is better suited to lead the city through its current challenges compared to Zohran Mamdani, another candidate who has garnered support as a democratic socialist.
Speculation within progressive circles suggests that Ramos may have aligned with Cuomo in hopes of tapping into his extensive fundraising network to alleviate her financial troubles, though her latest financial reports do not indicate any such support.
Ramos is not alone in her struggles; fellow candidate Michael Blake is also facing financial difficulties, reporting a debt of approximately $34,000 after raising about $22,000 in the recent reporting cycle.
In stark contrast, Cuomo’s latest campaign finance registration revealed he raised about $133,000 during the same period, allowing him to reach the $7.9 million spending cap for the primary when including matching funds.
Other candidates in the race, including Mamdani and Comptroller Brad Lander, have also reached their respective spending caps prior to these new filings. This has led to heavy expenditures on advertisements and mailers but limited new contributions.
City Council Speaker Adrienne Adams, though showing signs of momentum in her campaign, still has a way to go as she is yet to reach the spending cap and raised only about $63,109 in the recent reporting period.
As the primary approaches, the financial disparity among candidates becomes increasingly apparent, highlighting the challenges faced by those trailing in fundraising.
With Cuomo’s substantial backing and Ramos’s precarious financial state, the dynamics of the mayoral race are shifting dramatically as candidates make their final pitches to voters.
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