In a dramatic turn ahead of New York City’s November 2025 mayoral election, Zohran Mamdani, the Democratic nominee and self-described democratic socialist, has reached the $8 million fundraising cap—an unprecedented milestone achieved more than two months before voters head to the polls. The announcement, made by Mamdani in a video message on September 5, has sent shockwaves through the city’s political landscape and ignited fierce debate about the influence of grassroots fundraising, outside money, and the future direction of the nation’s largest metropolis.
“We can’t take any more of your money,” Mamdani declared in the video, flashing a smile. “Truly, you need to stop. Thanks to you, we've raised the maximum amount of money we can spend in this race: $8 million. And you've done it with more than two months to go until the election.” According to disclosures from the New York City Campaign Finance Board, between mid-June and mid-August, Mamdani’s campaign received a staggering 19,480 individual donations, with more than half—10,836—coming from outside the five boroughs. Donations from outside New York City, excluding public matching funds, totaled $966,216.34, while those from within the city reached $938,001.41.
Mamdani’s fundraising prowess has been turbocharged by New York City’s generous matching funds program, which matches small-dollar donations at an eight-to-one ratio. This system, designed to amplify the voice of ordinary citizens, has propelled Mamdani’s grassroots campaign to the front of the pack, leaving his rivals scrambling to keep up. In recent weeks, the median donation to Mamdani was just $25, a figure that underscores the breadth of his support among small donors. A single video appeal posted last week raised $150,000 in just 48 hours, and with matching funds, that number is expected to surpass $500,000, as reported by The New York Times.
While Mamdani’s fundraising haul has been widely celebrated by progressive activists, it has also drawn sharp scrutiny from opponents who point to the significant share of out-of-town contributions. Critics argue that the influx of outside money could skew the race and raise questions about whose interests are truly being served. Yet, for Mamdani and his supporters, the numbers are a badge of honor—a sign of a national movement rallying behind his “affordability agenda” and vision for a more equitable city.
“While Donald Trump and his billionaire allies scramble to handpick a candidate for mayor, today’s announcement underscores that grass-roots support for Zohran and his affordability agenda is stronger than ever,” said Dora Pekec, a spokeswoman for the Mamdani campaign. The campaign’s momentum has been further bolstered by high-profile endorsements, including that of Liz Krueger, the influential Democratic state senator from Manhattan and chair of the Senate Finance Committee. “Zohran’s relentless and pragmatic positivity is the energy that we desperately need in our party and in our city to confront our current challenges and the many more that Trump has in store for us,” Krueger said, pointedly referring to former Governor Andrew Cuomo as Trump’s “preferred candidate.”
The race for City Hall, already one of the most closely watched in the nation, has only grown more heated as Mamdani’s fundraising success has become clear. His main rivals—former Governor Andrew Cuomo, incumbent Mayor Eric Adams, and Republican Curtis Sliwa—have all found themselves trailing both in the polls and at the bank. Cuomo, running as an independent, has raised about $1.5 million, while Adams, also running as an independent and repeatedly denied public matching funds, has about $4 million. Sliwa, the Republican standard-bearer, has amassed roughly $3.4 million.
Yet, the financial gap could be narrowed by the intervention of outside groups. According to The New York Times, a super PAC backing Cuomo raised a jaw-dropping $25 million during the Democratic primary—the largest such war chest ever assembled for a New York City mayoral campaign. Super PACs, unlike candidates, face no fundraising or spending limits, leading some observers to predict a deluge of late-game advertising and outreach designed to sway undecided voters and consolidate opposition to Mamdani.
The high-stakes contest has also drawn the attention of President Donald Trump, who, according to The Post Millennial and The New York Times, has expressed a desire to see the crowded field winnowed to a one-on-one showdown. “I would like to see two people drop out and have it be one-on-one,” Trump said on September 4. Behind the scenes, Trump’s advisers have reportedly discussed offering Mayor Adams an ambassadorship to Saudi Arabia—a move intended to entice him out of the race and clear a path for a single moderate challenger to Mamdani. Adams, for his part, has told close friends and advisers that he is seriously considering suspending his campaign if the circumstances are right.
Business leaders, too, are said to be strategizing about how best to unite the anti-Mamdani vote, with many preferring Cuomo as the candidate most likely to block the democratic socialist’s path to City Hall. Some have held back donations, waiting for the field to narrow and a clear alternative to emerge. The prospect of a head-to-head contest between Mamdani and Cuomo has gained traction in recent polls, with several surveys suggesting that Cuomo could prevail if other contenders were to step aside.
Amid the swirl of political intrigue, Mamdani has continued to press his case directly to voters, leveraging his buzzy social media presence and grassroots network. With the fundraising cap reached, he has shifted his focus from soliciting donations to mobilizing volunteers and engaging with the electorate. “Thanks to you, we've raised the maximum amount of money we can spend in this race,” Mamdani reiterated in his video. “Now, we need your time and your energy.”
To that end, Mamdani is set to hold a town hall with Senator Bernie Sanders on September 6, as part of Sanders’ “Fighting Oligarchy” national tour. The event is expected to draw large crowds of progressive voters and further cement Mamdani’s status as the standard-bearer for the city’s left. For his supporters, the campaign’s success is proof that a new kind of politics is possible in New York—a politics powered not by wealthy donors or corporate interests, but by ordinary people chipping in what they can.
As the city hurtles toward Election Day, the stakes could hardly be higher. Will Mamdani’s grassroots juggernaut carry him to victory, or will the combined might of super PACs, establishment figures, and business leaders coalesce to stop him in his tracks? One thing is certain: with the fundraising cap met and the field in flux, the race for New York City mayor is shaping up to be one for the history books.
