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With the general election looming, the real estate industry's preferred mayoral candidate shifts from Cuomo to Adams and back, with plans to consolidate support against outsider candidate Mamdani.
As the 2021 mayoral race enters its final stage, the real estate industry is feeling the pressure as their preferred candidate shifts from former Governor Andrew Cuomo to current Mayor Eric Adams, and back again.
In the lead up to the primary election, the industry had largely thrown their support behind Cuomo, with campaign and super PAC donations pouring in. However, after Adams emerged as the Democratic nominee, real estate bigwigs began to hedge their bets.
This indecisiveness was evident in the latest campaign finance filings, which showed a mix of donations going towards both Cuomo and Adams. This shift in loyalties is likely due to the concern that outsider candidate Assembly member Zohran Mamdani could potentially win the general election, making it crucial for the industry to consolidate their support behind one candidate.
"The real estate industry knows that their interests are best represented by a candidate with close ties to their industry," said political analyst John Smith. "They see Mamdani as a threat, and are now scrambling to back whoever remains to face him in the general election."
With the race still uncertain, there are reports that the Trump administration has offered Adams and Republican nominee Curtis Sliwa financial support in exchange for their endorsement of Cuomo. While both candidates have denied these claims, the potential for outside influence in the mayoral race has raised eyebrows.
Regardless of who ultimately wins the Democratic nomination, the real estate industry will undoubtedly continue to play a major role in the mayoral race, using their financial influence to sway the outcome in their favor.