New York City Mayor-elect Zohran Mamdani made a “final” plea for donations from the people of the Big Apple on Tuesday, just over three weeks before he takes office on January 1, 2026.
“Once again, I’m asking for your support,” Mamdani began in his appeal, quoting Sen. Bernie Sanders, whose lines have since become part of Internet and meme culture.
Mamdani told New Yorkers why his team needed more donations, explaining that they were busy screening more than 70,000 resumes, setting up transition committees, appointing appointees to “turn policy into action,” and planning and budgeting for the inauguration celebration.
“All this so that we can start delivering on our affordability agenda from day one without skipping a beat,” said the NYC mayor-elect.
It is now the first week of December, Mamdani has already raised more than his predecessors had during their transitions.
What is markedly different, however, is how Mamdani appears to raise money.
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Mamdani breaks precedent
Since allowing donations in early November, Mamdani and his team have raised $3.5 million from more than 30,000 New Yorkers, according to the mayor-elect’s latest update.
Pre-set donation amounts to the Mamdani Fund start at $10 and go up to a maximum of $3,700.
According to his campaign, donations averaged $88 in November, with 95% of donations under $250.
By comparison, Mamdani’s predecessor, Eric Adams, raised over $1.9 million, but from just 820 donors, with many donations maxing out at $5,100.
Major donors to Adams included real estate developers MaryAnne Gilmartin and Abby Elbaum and hedge fund managers Paul Tudor Jones and John Paulson. Isaac Ash, founder of United Legwear & Apparel Co., and Lauder family member and cosmetics heir Ron Lauder all gave the maximum allowable donation of $5,100, according to a January 2022 City & State New York report.
However, while Adams raised more than $1.9 million, only $1.2 million was spent during the transition. His campaign returned $800,236 to 246 donors, though it remains unclear how it was determined whose money to return.
Some of those who received compensation included former American Express Chairman and CEO Kenneth Chenault and his wife Kathryn, hedge fund manager Daniel Loeb and his wife Margaret, and media personality Bo Dietl (currently a member of President Donald Trump’s Homeland Security Advisory Board).
Adams’ predecessor, Bill de Blasio, also raised over $2 million for his first inauguration in 2013 from just 884 donors, an average of $2,392 per person.
In the case of both Adams and de Blasio, funding appeared to come exclusively from the elite.
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Who is funding Mamdani?
By contrast, part of Mamdani’s $3.5 million kitty comes from the pockets of average New Yorkers.
But that doesn’t mean there haven’t been large financial donations to the newly elected mayor’s transition fund.
Rather, Mamdani’s transition team is using contributions from wealthier donors, maxing out at $3,700, to supplement thousands of small donations, The New York Times reported.
Since his appointment as mayor, Mamdani has rubbed shoulders with liberal billionaires from George Soros’ son Alex to billionaire Galaxy Digital CEO Michael Novogratz, the crypto firm, the publication said.
The 34-year-old also reportedly met with the granddaughter of Texas oil magnate HL Hunt and progressive political organization Way to Win, Leah Hunt-Hendrix.
But that’s not all, next week Mamdani is set to meet Hollywood actors Julianne Moore, Mark Ruffalo, Ramy Youssef and Tito Burgess, as well as her mother, director Mira Nair, at a star-studded reception where tickets cost $1,000.
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The last stretch
Mamdani previously said his transition team is looking to raise $4 million, and with Monday’s update, it appears he’s almost there.
Whether Mamdani’s clash with the elites, despite his anti-billionaire rhetoric during the campaign, will help the NYC mayor-elect achieve his funding goal remains to be seen.
That means with three weeks to go and donors growing from 12,000 in the first 10 days to more than 30,000 now, Mamdani could end up raising more than his goal.
