While millions of dollars have poured into political action committees and independent expenditures for moderate Democrats, a new PAC has launched with the goal of raising up to $5 million for left-leaning mayoral and New York City Council candidates.

The Our City PAC announced its formation on Friday, pledging to back like-minded candidates seeking greater equity surrounding housing, education, public safety, and recovery.

Its roster of political operatives include Gabe Tobias, a senior advisor with the Justice Democrats who worked in the campaigns for former President Barack Obama, New York gubernatorial candidate Zephyr Teachout, and Representative Alexandria Ocasio-Cortez. Other members of the "brainsource" include Abdullah Younus who heads the Democratic Socialists of America's national group and Peter Koechley, co-founder of Upworthy and former managing editor of satirical newspaper, The Onion.

The group's launch comes following the formation of several PACs and IEs throughout the election season, where millions of dollars have been collected with the aim of influencing mayoral and council races. IEs have already played a role in the special election for the 24th Council District race, in which a group called Common Sense pumped a total of $1.4 million in a race that went to moderate Democrat James Gennaro who defeated progressive startup Moumita Ahmed. The group spent its money on attack ads targeting Ahmed, accusing her of being anti-Semitic. The IE was largely funded by billionaire mogul Stephen Ross, chair of The Related Companies and the billionaire behind Hudson Yards.

In the race for mayor, more than $1 million has been collected for a super PAC benefiting Wall Street financier Ray McGuire, who has opted not to take part in the city Campaign Finance Board's 8-to-1 matching program. The PAC, registered with the state, received $500,000 from Daryl Roth, whose husband Steven Roth owns Vornado Realty Trust, and John Hess, executive director of the Hess Corporation who contributed another $500,000, according to the New York Times.

James Dolan, the owner of Madison Square Garden, has his own company PAC registered with the city CFB, which he has donated funds to mayoral and incumbent New York City Council members looking to get re-elected. The allocations comes two years before a city-issued special permit allowing The Garden to operate expires, according to the Wall Street Journal. A spokesperson for the group did not immediately respond to a request for comment.

In a press release issued by Our City, the group looks to combat "paid media to the recently formed IE committees of Trump-aligned real estate tycoons Stephen Ross and James Dolan."