In the crowded race for New York City mayor, real estate companies and executives have been pouring donations into a super PAC backing Andrew Cuomo over the past two months, counting on the former governor to enable higher rents.
Cuomo’s allies formed the super PAC earlier this year to raise and spend unlimited sums from wealthy donors. A large chunk of the $5.5 million the PAC has raised so far has come in contributions of $250,000 from interests like Two Trees real estate company, whose CEO Jed Walentas is the chairperson of lobbying group the Real Estate Board of New York (REBNY). During his time in office, the real estate industry was one of Cuomo’s main financial backers.
While New York City campaign finance laws cap contributions to candidates participating in the public matching funds program, as Cuomo is, at $2,100, the pro-Cuomo super PAC gives businesses, contractors, and billionaires a way to help fund Cuomo’s run without donation limits. (For donors that do business with the city, the contribution limit to a mayoral candidate is only $400.)
Other real estate industry titans that have donated to the Fix the City super PAC include Scott Rechler, CEO of RXR Realty ($250,000), and billionaire Stephen Ross, CEO of Related Ross and owner of the Miami Dolphins football team ($50,000), according to campaign finance records. The group has already spent $1.9 million on video ads for Cuomo.
