I
n the world of New York City politics, a familiar tale is unfolding once again: real estate moguls are showering their favorite politicians with cash. The latest campaign filings reveal that RXR CEO Scott Rechler has contributed $250,000 to Fix the City, a super PAC backing Governor Andrew Cuomo's bid for office. This isn't an isolated incident; Rechler has a history of donating to Cuomo when he was governor.
Other notable real estate figures have also opened their wallets in support of Cuomo. Joseph Paolino Jr., a former mayor of Rhode Island turned developer, gave $25,000 to the PAC, while Douglas Eisenberg's A&E Real Estate donated $125,000. Anthony Scarmucci's Skybridge Capital chipped in $100,000, and his wife also contributed $2,100 directly to Cuomo's campaign.
But it's not just about the big checks. Twenty-one individuals who work in real estate gave Cuomo's campaign the maximum $2,100 each, totaling over $44,000. This group includes Cammeby's Avi Schron, KRE Group's Jonathan Kushner, and Capstone Equities' Daniel Ghadamian.
The real estate industry's influence on politics is nothing new, but it's worth noting that many donors list their occupation as CEO or self-employed, making it difficult to track the flow of money. Amidst this sea of contributions, some notable figures stand out, including MAG Partners' MaryAnne Gilmartin and Brown Harris Stevens CEO Bess Freedman.
In contrast, Mayor Eric Adams has seen a decline in real estate donations since his indictment. His latest filing shows only $36,000 in contributions from smaller players, a far cry from the heavy hitters who once supported him.
The Real Estate Board of New York (REBNY) has also gotten into the game, donating $2,100 to City Council Speaker Adrienne Adams through its PAC, Taxpayers for an Affordable New York. REBNY President Jim Whelan praised Adams' pro-growth agenda and support for the broker fee bill.
As the city's politics continue to unfold, it's worth asking: what do you make of real estate companies rolling back their diversity, equity, and inclusion policies? Share your thoughts with us at [email protected].
In other news, Bill Pulte, the new director of the Federal Housing Finance Agency, sparked controversy by posting "Make Mortgages Great Again" on social media. He subsequently removed several members from the Fannie Mae and Freddie Mac boards.
The city has agreed to pay cab drivers $140 million in back pay to settle a lawsuit filed in 2006, while the state will pay $8 million to Carl Dukes, who spent nearly two decades in prison for a murder he did not commit.
Finally, despite the Federal Highway Administration's shutdown deadline, the city's congestion pricing program is set to continue. MTA Chair and CEO Janno Lieber remains optimistic about the program's benefits.
