New PACs Established to Support Mamdani’s NYC Mayoral Campaign Amid Business Opposition to His Candidacy

A newly established political action committee, named OneNYC, has been formed to support Zohran Mamdani, the Democratic nominee for mayor of New York City. This initiative arises in the context of heightened concerns within the city’s business and finance sectors regarding Mamdani’s candidacy, particularly following his unexpected victory over former Governor Andrew Cuomo in the June primary elections.

The state filing reveals that OneNYC was created on Thursday, with Yasser Salem serving as its treasurer. Salem is a partner at Hira Ventures, an investment firm focused on early and growth-stage companies in healthcare and education. His professional background includes significant roles at McKinsey and the Public Investment Fund of Saudi Arabia. While expressing his longstanding interest in political support, Salem has so far refrained from elaborating on the PAC’s specific strategies or fundraising goals.

Mamdani’s campaign platform, which leans towards democratic socialism, has been met with skepticism from many within the business community due to his aggressive proposals aimed at enhancing affordability in New York City. Notably, he has advocated for increasing the city’s top corporate tax rate from 7.5% to 11.5% and implementing an additional 2% income tax on households earning over million annually. These measures have stirred significant backlash among business leaders already apprehensive about the potential implications for the local economy.

In response to Mamdani’s rise, a rival PAC known as New Yorkers for a Better Future Mayor 25 has been established to counter his candidacy. This group aims to rally support against Mamdani, though it has yet to endorse any alternative candidates. Speculations persist concerning Cuomo’s potential continuation in the race, which adds an additional layer of uncertainty to the electoral landscape. According to reports, this newly formed PAC intends to raise approximately million to facilitate its goals.

Both Mayor Eric Adams and Cuomo are expected to appear on the November ballot, each eyeing the disadvantage posed by the other while calls for one to withdraw from the race have echoed in political circles. Former Governor David Paterson has also urged business leaders to consolidate their support behind either Adams or Cuomo, further complicating the dynamics.

In addition, an earlier PAC called New Yorkers for Lower Costs, which was established during the primaries, reported contributions exceeding .4 million, reflecting continued backing for Mamdani’s campaign into the general election. Despite some impactful advertising efforts, this PAC faces formidable competition from the Fix the City PAC, which has raised a city record of million in support of Cuomo. With both sides intensifying their fundraising efforts, the upcoming electoral contest is poised to be one of the most contentious in recent memory.

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