New York Mayor Mamdani has removed all members of the advisory board for the Mayor’s Fund to Advance New York City, a major nonprofit that facilitates private sector donations to support city programs. The decision marks a significant shift in the makeup of the fundraising organization, which has historically included prominent business leaders.
The mayor’s office confirmed that the entire advisory board would be disbanded, a move that has not occurred under previous mayoral administrations in recent years. Mamdani thanked outgoing members for their service and indicated that new appointees would be announced later this year.
The Mayor’s Fund plays a key role in mobilizing philanthropy from the business community, directing funds to a variety of causes, including support for first responders and education initiatives. The board's previous composition included executives with extensive ties to Wall Street and the corporate sector, who have traditionally helped raise significant contributions.
Mamdani’s decision is viewed by some observers as part of a broader pattern of tensions between the mayor’s administration and the city’s business establishment. Critics argue that replacing business leaders with union representatives or other stakeholders may reduce the fund’s effectiveness in attracting private donations. Supporters of the mayor’s approach contend that the change aligns with a vision for greater inclusion of labor interests and a shift away from business-dominated governance.
Despite outspoken conflicts earlier this year—with notable incidents involving financial executives such as Ken Griffin, CEO of Citadel, who opposed what he described as targeted criticism from the mayor—the city’s business sector largely remains in place. While some financial firms, like Apollo Global, have established secondary offices in lower-cost cities such as Austin, Texas, they continue to maintain New York as their official headquarters. JPMorgan Chase, which has a growing presence in Texas, also shows no intention of a major relocation, with CEO Jamie Dimon expressing willingness to collaborate with Mamdani’s administration.
Steven Roth, CEO of Vornado Realty Trust and a partner in the Citadel-affiliated Park Avenue office development, expressed optimism about the project despite previous controversies. Roth emphasized the potential financial returns linked to the new skyscraper, referring to Griffin as a primary partner.
There is ongoing debate within the city about how businesses should respond to what some describe as Mayor Mamdani’s socialist policies. While some executives have considered moving operations elsewhere, many remain in New York, anticipating political change through future elections. Civic groups such as Partnership for New York City have criticized the mayor’s strained relationship with the business community, cautioning that antagonizing key private-sector contributors could undermine efforts to sustain the city’s expanding social programs.
As the mayor’s office prepares to appoint a new fundraising advisory board, attention remains focused on whether the reshaped group will be able to maintain the momentum of private support for city initiatives amid shifting political dynamics.