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Megadonors flooded the New York mayor’s race. Most of them wasted their money.
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Race
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Jun 24, 2021 11:02am |
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| Category | Analysis |
| Author | Joe Anuta |
| News Date | Thursday, June 24, 2021 04:40:00 PM UTC0:0 |
| Description | NEW YORK — To become mayor of New York City, it often pays to get money from New Yorkers.
Outside special interest groups spent record amounts of cash in the mayoral primary this year — almost triple that spent in the last competitive contest in 2013 — but in most cases the investment was an unqualified dud.
All told, political action committees spent nearly $25 million on broadcast, radio and digital advertising, according to data from AdImpact. Their coffers were lined with donations from the likes of megadonors Jeff Yass, Steve Cohen and Dan Loeb.
But the money did little to improve the electoral fortunes of many candidates in the crowded field. In fact, some of the highest-dollar splurges went toward candidates who never got out of the single digits, according to preliminary vote counts from Tuesday‘s election.
And as the race entered its final stretch, deep-pocketed donors, sensing an Eric Adams path to victory, cut big checks to the candidate — setting the stage for conflicts of interest if he emerges from the ranked-choice voting gauntlet and heads to City Hall owing favors.
The impact of outside money, however, depended largely on the strength of the candidate receiving the support, according to POLITICO’s analysis of spending in the race. |
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