Super PACs supporting Andrew Cuomo and opposing Zohran Mamdani in the NYC mayoral race have raised over $40 million, with major donations from billionaires like Bill Ackman, Ronald Lauder, and Alice Walton. Mamdani’s proposed policies include a rent freeze and a tax on New Yorkers making over $1 million annually.

Despite Mamdani’s lead in polls, pro-Cuomo PACs like Fix the City have raised over $32 million. Two other anti-Mamdani groups, Defend NYC and New Yorkers for a Better Future, have raised $2.5 million and $1.5 million respectively. A PAC supporting Mamdani raised just under $2 million.

Major donors to Fix the City include Michael Bloomberg, who donated $8.3 million in June, and Joe Gebbia, who gave $1 million gifts in October. The Lauder family donated over $2 million to anti-Mamdani committees, with Ronald Lauder giving $750,000 in September.

Tisch family members, from various industries, have collectively donated to Fix the City, including popular NYPD commissioner Jessica Tisch’s relatives. Many Cuomo backers are hedge funders, like Bill Ackman and Dan Loeb. Steve Wynn and Alice Walton, with little NYC ties, also gave to Fix the City.

Barry Diller, a Democratic-leaning philanthropist, donated $500,000 to Fix the City. The worry among pro-Cuomo supporters is that the billionaire donations could backfire in a populist political climate. Mamdani has used the donations to highlight his campaign’s focus on empowering everyday New Yorkers.

Read more at CNBC: Billionaires spend big to boost Cuomo