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Real Estate industry has a hand in financing mayoral race

Real Estate Weekly, July 4, 2001

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As the election that will determine the city's next mayor draws near, more attention is being paid to the issue of campaign financing. While Republican Michael Bloomberg has pledged to finance his campaign with his own money, each of the four Democratic candidates has raised millions in their quest to become the next mayor.

As of Jan. 11 - the last reporting date required under the city's Campaign Finance Board rules - Bronx Borough President Fernando Ferrer had raised $3.37 million, Public Advocate Mark Green $3.57 million, City Controller Alan Hevesi $6.11 million, and Peter Vallone $3.45 million. Republican candidate Herman Badillo has raised $11,680.

Of those contributions, a significant portion comes from the real estate industry. In fact, a story in The New York Times said the Real Estate Board of New York is planning to raise $250,000 for each of the four Democratic candidates.

In light of the industry's role in campaign finance, Real Estate Weekly researched each candidate's campaign records. Over the next several weeks, REW will print a detailed list of real estate industry donations received by each candidate. Because the list contains only those transactions that occurred after Jan. 1, it will contain only a portion of the real estate industry donations received by candidates during the entire election cycle. The city campaign finance law limits individual contributions to $4,500 and bans corporate donations altogether.

 

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