In just under two months since announcing a run for mayor, Democratic candidate Andrew Yang claims to have raised more than $6.5 million, according to the first-ever filing he submitted to the New York City Campaign Finance Board. But despite his presumptive earnings, he still trails behind Brooklyn Borough President Eric Adams and City Comptroller Scott Stringer, rivals who each claimed to have raised more than $9 million each for their campaign war chests.
As the mayor's race reaches a critical period, some contenders — like Maya Wiley — have received a much-needed boost this week, while others are struggling to keep up with fundraising.
Wiley received nearly $2 million this week after correcting her January filings to obtain a matching funds payment, reigniting momentum that nearly fizzled last month. The CFB met to issue a payout to Wiley on Monday. Adams and Stringer also received extra funds—$14,060 and $97,622, respectively—after correcting the audit for their January submissions.
Yang, whose profile was catapulted after an unsuccessful run in the Democratic presidential race last year, is participating in the CFB's 8-to-1 matching funds program, where funds are amplified eight times. Yang's campaign claims that $570,000 of those funds raised should be counted towards the matching funds, stretching to $4.5 million. A mayoral candidate’s minimum threshold to qualify for matching funds is $250,000, per CFB rules. According to the campaign, a record 15,600 donors contributed in 57 days, another record. (Only a donor’s first $250 contribution will only be counted for a match.)
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But the CFB won't verify candidates' estimates until an audit. A full accounting of their matching funds won't be announced until next month, when the CFB convenes on April 15th to disburse a payout.
Notwithstanding the record-breaking filing, Yang remains behind Adams and Stringer by nearly $3 million. Adams, riding high with endorsements from 32BJ and the Hotel Trades Council unions, announced Saturday he has raised $9.3 million. Those latest estimates show $52,905 should qualify for a match, which would translate to $423,240 in matching funds. Of the total number of funds, the campaign has spent a little over $1 million, leaving him flush with enough cash to carry him in his last three months before the primary.
Stringer is not too far behind from Adams, raising $9.13 million in funds, according to the CFB's filing. Of those funds, $89,081 in his latest filing should be matched, which after going through the 8-to-1 program, would translate to $719,208.
Ray McGuire, the former Wall Street financier, has also raised a significant haul, showing he added $2,483,804 to his campaign coffers, putting him at $7,369,183 in total funds raised. He's done this without participating in any matching funds program.
Kathryn Garcia, the former sanitation commissioner and czar in handling multiple city crises, claims to have exceeded the threshold to unlock taxpayer funds after failing to do so in her previous filing. Her latest numbers show she submitted $241,000 in matching claims.
Dianne Morales, the former executive director of the Phipps Neighborhood nonprofit, also said her campaign has reached the threshold to qualify for a match after claiming in her latest filing to have raised $153,329 in funds that qualify for matching, adding to the $179,860 in matching funds she says she received in prior filings.
Unlike his fellow top-tier candidates, Shaun Donovan, the former Housing Preservation and Development commissioner under the Bloomberg administration, is participating in the 6-to-1 matching funds program. Through the program, he's raised $131,890, adding to the $152,000 he obtained through the previous filings, surpassing the $250,000 benchmark to qualify for funds.
Meanwhile, Councilmember Carlos Menchaca has yet to raise any required funds to obtain the 8-to-1 matching boost. On Saturday, just as the well-funded candidates sent out press releases announcing they had reached key thresholds, Menchaca‘s campaign emailed supporters for more small-dollar donations.
Candidates were required to submit their filings by 11:59 p.m. on Monday in order to receive their payments on April 15th, or face waiting until May to receive a matching payment.
Obtaining the required funds isn’t just crucial to the candidates’ campaign, and their ability to sustain it, but necessary to take part in the CFB’s sponsored debates scheduled for May 13th. Mayoral candidates must raise or have spent $182,150 and be on the ballot to take part in the debate.