Citizens Union report details record $35.3 M in outside spending dropped on the general election 

Voters saw a historic barrage of billionaire-funded of attack ads and a growing use of disclosure loopholes, while public matching funds and small donors proved resilient 

To view the report, click here

New York, NY (December 15, 2025) — Citizens Union today released a new report, Super PACs in the 2025 New York City General Election: Seven Takeaways, providing an extensive analysis of the record-breaking independent expenditure spending in New York City’s 2025 election. The report shows that the high-stakes mayoral election and national attention on it fueled record-breaking levels of outside spending, with billionaires bankrolling massive attack campaigns. Yet despite the historic barrage of ads and mailers, Super PAC efforts ultimately failed in the face of an effective public campaign finance program and engaged voters.

“Billionaires and special interests spent a record-breaking amount of money to sway the outcome of the New York City general election, but voters ultimately rejected it,” said Citizens Union Executive Director Grace Rauh. “Our extensive analysis illustrates the unprecedented scale of outside influence and the strength of our public matching funds program, which is helping New Yorkers who aren’t among the one percent have a better shot against the mega-donor class. New York City’s campaign finance program and matching-funds model is one of the strongest defenses we have against the influence of big money in local politics. But the disclosure loopholes identified in our report are real. City policymakers should act to close them before the next election.”

The 2025 general election drew levels of interest unseen in decades, and more New Yorkers voted for mayor than in any election since 1969. But heightened national attention also attracted unprecedented outside spending. Tens of millions of dollars flowed through a web of Super PACs, called Independent Expenditure Entities in New York, and other political committees seeking to influence races up and down the ballot.

Key findings from Citizens Union’s report include:

• Outside spending hit historic highs. Super PACs spent $35.3 million in the general election alone, 98% of it targeting the mayoral race. Across the full 2025 cycle, independent expenditures totaled $82.95 million — the highest ever recorded in New York City, double 2021 levels and more than five times what we saw in 2013.
• Mega-donors doubled down after losing the primary and lost again. Twenty-six super PACs were active in the mayoral general election, with spending overwhelmingly concentrated on supporting former Governor Andrew Cuomo. Pro-Cuomo groups spent roughly $28 million, which accounted for 83% of all outside spending in the race. That level of outside support has never been seen in New York City and is only rivaled by Mayor Bloomberg’s self-financed mayoral campaigns.
• Attack ads reached an extraordinary scale. Super PACs spent at least $17.1 million on negative communications in the general election, with Cuomo-aligned groups accounting for the vast majority of negative advertising. These entities spent more attacking opponents than promoting their preferred candidate.
• Billionaires replaced corporations as top funders. Business contributions dropped sharply from the primary to the general, while individual billionaires surged as dominant donors. Eight individuals or couples gave more than $1 million each in the general election alone, led by major contributions for Cuomo-aligned groups.
• National attention brought national money, especially to Super PACs. The report documents a dramatic rise in out-of-state financing compared with the primary election. Pro-Cuomo Super PACs received multi-million-dollar contributions from high-profile donors outside New York, while Mamdani-aligned Super PACs received most of their funding from outside of New York, though of lower amounts.
• A disclosure loophole allowed donors to hide behind pass-through PACs. Instead of giving directly to groups running ads, major donors increasingly routed money through intermediary committees to obscure their identities. One newly created pass-through entity transferred $8.6 million to multiple pro-Cuomo Super PACs in a matter of weeks.
• Public matching funds and small donors again proved resilient. Despite the spending barrage, the mayoral race was won by the candidate most reliant on volunteers and small dollar donors: Zohran Mamdani.

The report draws on contribution and expenditure data from the NYC Campaign Finance Board and the New York State Board of Elections, covering the period from June 25 through November 2025, and follows Citizens Union’s earlier analysis of the primary election.

About Citizens Union
For more than a century, Citizens Union has been leading the fight for reform in New York. We are a non-partisan good government group that serves as a civic watchdog to combat corruption. We are New Yorkers from diverse backgrounds and political beliefs, united in our commitment to put the public interest ahead of all special interests. We work to ensure honest and accountable government, fair and open elections, and a civically engaged public. Principled and pragmatic, Citizens Union is an independent force for constructive reform, driving policy solutions to achieve responsible and responsive government in the City and State of New York.

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