Zohran Mamdani has escalated his campaign against wealth and private industry; this time targeting private-sector fundraising in a move that signals that the New York City mayor cares more about punishing the rich than actually helping those in need.
In his latest broadside against private enterprise, the socialist mayor dismissed the entire advisory board of the Mayor’s Fund to Advance New York City, a nonprofit that channels private donations into city-led initiatives, and even launches their own public-private initiatives, saving taxpayers money where they can. The board was chaired by prominent business leaders, including Richard Born of BD Hotels; Jeffrey Gural, chairman of GFP Real Estate; Alex Katz, senior managing director at Blackstone Inc.; Edward Skyler, Citigroup Inc.’s head of enterprise services and public affairs; and James Whelan, president of the Real Estate Board of New York.
The move marks the first time in at least three mayoral administrations that the fund’s entire advisory board has been removed.
BREAKING: Mamdani fired the business leaders advising NYC's Mayor's Fund, including Blackstone and Citi execs.
— Short Squeez (@shortsqueeznews) August 3, 2026
The multibillion-dollar fund channels private donations into public programs, and Mamdani will appoint his own board. It's the first time in at least 3 mayoral terms… pic.twitter.com/neJjjsWmV0
Founded in 1994 originally as Public-Private Initiatives Inc., the group was created to build a “stronger and more just city” by leveraging private-sector efficiency to fund civic programs. To secure that money, it typically taps its relationships with the city’s businesses and wealthy individuals, channeling private donations into public-facing initiatives. Like many private enterprises, it operates with far greater effectiveness than typical government-run initiatives: an estimated 96.85 percent of its expenses flow directly to programs, with the remainder covering operational costs. The organization typically deploys tens of millions each year to aid New Yorkers, maintaining an average annual spending level of roughly $66 million.
The fund has repeatedly stepped in as a critical fundraising force for the city in times of crisis. After the September 11, 2001 terror attacks, it raised $107 million through the Twin Towers Fund to support families of rescue workers who were killed or injured. And during the COVID-19 pandemic, it mobilized $54.5 million for an emergency relief fund that provided meals, personal protective equipment (PPE), and other essential support to frontline healthcare workers and vulnerable New Yorkers.
The dismissal of the advisory board wasn’t even Mamdani’s first move against the group. Upon taking office, he immediately reshaped the fund’s board of directors, appointing a former longshoreman and a Bronx public school teacher, moves that could serve to diminish its network and redirect its focus away from high-dollar fundraising, and toward working-class representation.
“The creation of a new advisory board is an important next step in reimagining how philanthropy can augment, but not replace, public dollars and public goods, and we are eager to share more about our new board of advisors later this year,” Mamdani senior advisor Dora Pekec said in a statement.
“In January, our city entered a new era – one that demands our city government reflect our communities,” she added. “The building of a new Mayor’s Fund, built on the ethos of putting those directly impacted in the rooms where decisions are made, is a continuation of that work.”
Editor’s Note: New York City is now facing the consequences of Mayor Zohran Mamdani’s socialist takeover.
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