Mayor Zohran Mamdani raised about $301,000 during the opening month of his 2029 reelection campaign and has decided not to participate in New York City’s public matching-funds program — allowing him to accept larger donations and spend without the limits imposed on participating candidates.
Mamdani’s first campaign finance filing of the election cycle lists 5,874 contributors, with an average contribution of $52, according to the city’s Campaign Finance Board.
The campaign reported total receipts of $304,641 through July 11. Although the filing covers a period beginning Jan. 12, nearly all of Mamdani’s fundraising came during a roughly monthlong push.
Politico reported on June 11 that Mamdani had begun fundraising for a second term by sending text messages to supporters to solicit donations. Campaign finance records show that all but one of his more than 6,600 contribution transactions arrived between June 10 and July 11.
The filing provides the first detailed snapshot of Mamdani’s fundraising operation after he decided not to participate in the public financing system that helped propel him into City Hall.
Mamdani confirmed the decision Thursday following an unrelated housing announcement, calling the matching-funds program “critical” to his successful mayoral campaign.
But the mayor said the amount spent against him in the 2025 race far exceeded what his campaign was able to raise and spend under the program.
“This is a decision we’ve made to look to narrow the gap between the resources that we would be able to raise and spend and those that we know will be marshaled in opposition,” Mamdani said.
According to the CFB, mayoral candidates participating in the 2029 program may accept up to $2,500 from an individual, compared with $4,350 for nonparticipants. Participating candidates face campaign spending limits but can receive an eight-to-one public match on the first $250 donated by an eligible New York City resident.
Mamdani’s filing reflects the larger contribution limit available to candidates outside the program.
The filing lists 29 contributions at the $4,350 maximum, totaling $126,150. Those donations accounted for nearly 42% of the campaign’s monetary contributions.
At the same time, Mamdani attracted a high volume of small donations. About 85% of the campaign’s contribution transactions were for $25 or less, but those donations accounted for only about 21% of its monetary contributions.
Most of the campaign’s net contributions came from beyond the five boroughs. The CFB attributed $185,484, or roughly 61%, to contributors outside New York City, compared with $117,057 from city donors.
Impact on the 2029 race?
Three years out, no major challenger has formally emerged against Mamdani. Former NYPD Chief of Department John Chell has said he is exploring a run, while Barstool Sports founder Dave Portnoy and conservative radio host Sid Rosenberg have publicly floated their own possible campaigns.
Citizens Union Executive Director Grace Rauh called Mamdani’s decision not to take part in the matching-funds program “disappointing” in a statement to amNewYork, and urged him to reconsider, arguing that the program helped make his successful 2025 campaign possible.
“Mayor Zohran Mamdani won the race for City Hall in 2025 with the support of small-dollar donors and an army of volunteers that beat big money — including record-breaking Super PAC spending aimed squarely at him,” said Rauh. “It’s disappointing that he now appears ready to walk away from the New York City Campaign Finance Board’s matching funds program as an incumbent.”
Rauh described the city’s matching-funds program as a national model that diversifies campaign donors, encourages candidates to build broad bases of support and gives candidates who cannot self-fund or attract large checks a better chance of competing.
She also warned that Mamdani’s decision could affect the spending limits imposed on other candidates in the mayoral race.
Rauh said the spending limit for participating candidates increases by 50% if a nonparticipant raises or spends more than half of the applicable limit. The cap can be removed entirely if the nonparticipant exceeds three times the limit, she said.
“Once that cap lifts, every candidate in the race ends up spending more time chasing donors and less time talking to New Yorkers about the issues that actually matter to them,” Rauh said.
“This system exists so that candidates are accountable to their constituents, not wealthy donors,” she added. “We hope the mayor will recognize what made his own campaign successful, and stay in the program that made it possible.”
Mamdani has framed his decision as a response to the unlimited amounts that super PACs and other independent groups can spend in city elections. Such groups are prohibited from coordinating with candidates but can raise and spend money outside the contribution and expenditure limits governing campaign committees.
Asked on Thursday whether he would also reject super PAC support for his reelection campaign, Mamdani did not commit.
“The only decisions I’ve made when it comes to 2029 have been the ones that we have to declare with the Campaign Finance Board at this early stage,” he said.
Pressed on who might support him financially in the next election, Mamdani said: “I don’t know who I’ll have on my side in 2029. I just hope that the work that we do between now and then speaks for itself.”
The campaign reported $197,401 in expenditure payments and another $6,735 in outstanding liabilities, bringing its total disbursements to $204,136
The CFB estimated that Mamdani’s campaign had a balance of $100,505, though the agency cautions that the figure may not reflect its actual cash on hand.
The lion’s share of the campaign’s payments was classified as campaign consulting or professional services. Its largest vendor was Washington-based digital firm Middle Seat, which received about $70,200 for work including digital consulting, texting and website services.
The campaign also paid $48,000 to Honest Abe Consulting for strategy consulting and $39,000 to Celia Castellan for management consulting.
But Mamdani is not the only city politician already raising money for 2029.
City Comptroller Mark Levine reported $118,860 in monetary contributions for a campaign seeking another term. After $1,750 in refunds, his campaign reported $117,110 in net contributions.
Levine’s campaign listed $51,224 in total disbursements and an estimated balance of $65,886.
Brooklyn Council Member Rita Joseph, meanwhile, has begun raising money for a campaign for Brooklyn borough president. Joseph reported $1,200 in contributions from eight donors and transferred another $11,397 from a previous campaign committee, bringing her total receipts to $12,597.
Her campaign reported $4,449 in total disbursements and an estimated balance of $8,149.