Real-Estate Execs Pour Funding into Gov. Cuomo’s Re-Election Bid

By:  Benyamin Davidsons

Well-heeled executives in the real estate industry are pouring money behind Governor Andrew Cuomo for his fourth term re-election bid in 2022.

As reported by the NY Post, despite the governor’s recent scandals and probes, campaign records have revealed that real estate developers, landlords, building lenders and other industry honchos poured close to $500,000 into Cuomo’s re-election funds over the last six months.  That amount accounts for roughly 20 percent of the $2.3 million raised by Cuomo in the first half of 2021.  Forty donors with real estate ties donated a total of $465,000 to Cuomo’s campaign, filing shows.  A good portion of the contributions were donated right before the campaign fundraising deadline.

As per the Post, housing activists criticized the donations, saying that an important state law which grants tax abatements for real estate developers expires next June 15, and that is the influencing factor.  “It’s classic pay-to-play. There’s no doubt about it,” said Michael McKee of the Tenants PAC, which wants the law repealed.  “We are going to spearhead a major campaign to terminate this law. It’s totally obscene we are subsidizing millionaires and billionaires with property tax breaks. There’s a glut of luxury housing.”

The 421-A tax abatement gives over $1 billion in tax breaks annually to developers’ apartment projects in exchange for them setting aside 30 percent of apartments as affordable.  The program is supported by the Real Estate Board of New York, which contributed $5,000 to Cuomo from its political action committee. “As New York continues on the path to economic recovery, competent and experienced government leadership will play a pivotal role in guiding the State forward at this critical time,” said REBNY President James Whelan.

Republican billionaire businessman and talk show host John Catsimatidis, whose $2 billion real-estate portfolio has received tax abatements, gave $25,000 to Cuomo and also $10,000 to the leading Republican contender Lee Zeldin.  He said he is loyal to Gov. Cuomo, and that the tax abatement program is vital to attracting investment capital into New York.  “If you don’t have common-sense Democrats, the billions of dollars will flow elsewhere, and the jobs will flow with it,” Catsimatidis said.

A representative for Cuomo denied that the governor was influenced by real-estate donations and lauded his record on affordable housing. “Give me a break – I’d put this governor’s record on protecting tenant rights and advancing and building affordable housing against anyone any time, any day,” said Cuomo spokesman Richard Azzopardi. “The cranks in the advocacy industrial complex can say what they want, but they can’t change facts.”