Adams hits fundraising milestone
Financial records reveal BP’s strong standing ahead of 2021 mayoral campaign
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BY AIDAN GRAHAM
Borough President Eric Adams
scored a major fundraising
milestone for his bid to become
Mayor of New York City.
The beep’s fundraising outpaced
all other candidates for
what’s expected to be a hotly
contested 2021 Democratic
Primary to replace lame duck
Mayor Bill de Blasio.
In fi nancial disclosure records
released this week, Adams
reported raising just under
$512,000 during a six-month
period from January 12 to July
11 — leaps ahead of his closest
fi nancial competitor, Council
Speaker Corey Johnson (DManhattan),
who raised just
over $375,000 during the same
time period.
Another Democrat seeking
the Party nomination is
Comptroller Scott Stringer,
who reported the third highest
fundraising total for the fi ling
period at $313,000. Stringer
leads all mayoral candidates in
cash-on-hand with just under
$2.6 million currently in his
campaign bank account.
Adams has not offi cially announced
his candidacy for the
city’s highest offi ce, and his
campaign currently bears the
austere title, “Adams 2021.”
However, a spokesman for the
beep’s campaign left little room
to doubt his boss’s mayoral aspirations
when asked about the
fundraising achievement.
“New Yorkers believe in
Eric and trust that he shares
their vision for our city — that’s
why so many of them from
such diverse backgrounds are
supporting his campaign to
lead the fi ve boroughs,” said
campaign spokesperson Evan
Thies.
The disclosures come amid
a heated debate surrounding
recent changes made to campaign
fi nance laws.
Candidates now have the
option to limit themselves to
maximum campaign contributions
of $2,000 , which would allow
donations up to $250 to be
matched with public funds at
an eight-to-one rate.
The new law is not mandatory,
however. Candidates may
opt to continue fundraising
under the old laws, which allows
maximum contributions
of $5,100, where donations up
to only $175 would be matched
with public funds at a lesser
rate of six-to-one. The new option
was designed to benefi t
grassroots campaigns which
raise money from small donors.
Adams is expected to opt
for the older regulations, while
Johnson — who, as the head
of the city’s legislature, was
largely responsible for crafting
the new rules — will opt
to only accept donations below
the $2,000 threshold, allowing
his funds to be matched at the
higher ratio. In fact, Johnson
announced that he would abide
by an even-lower, self-imposed
maximum donation limit of
just $250 .
Stringer will also opt for
the newer guidelines — albeit,
without rising up to Johnson’s
showy self-imposed limit — according
to his Finance Director
Emily Bernstein. Doing so
will require the Comptroller
to return all donations over
the $2,000 limit, which he had
accepted prior to the new laws
taking effect.
Adams’ decision to accept
larger contributions now in exchange
for lower public matching
later explains his ability
to eclipse Johnson during the
previous disclosure period.
The beep accepted 79 contributions
over $2,000. Had he subjected
his fundraising to the
$2,000 limit, his six-month total
would descend to just over
$373,000.
FUNDRAISER: Brooklyn Borough President Eric Adams’ 2021 campaign
for City Hall raised more money than any other candidate during the
fi ling period from Jan. 12 to July 11. Photo by Steve Solomonson
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