Full Breakdown
Mayor Zohran Mamdani Dismisses Business Advisory Board of City’s Philanthropic Fund
8/6/2026, 12:34:27 AM
Dismissal of the Advisory Board
New York City Mayor Zohran Mamdani removed six longtime business and civic leaders from the advisory board of the Mayor’s Fund to Advance New York City. The board members—Richard Born of BD Hotels, Jeffrey Gural, chairman of GFP Real Estate, Alex Katz, senior managing director at Blackstone Inc., Edward Skyler, head of enterprise services and public affairs at Citigroup Inc., and James Whelan, president of the Real Estate Board of New York—received letters of dismissal that were reviewed by Bloomberg News. The fund announced via email that the entire advisory board would be disbanded, marking the first complete turnover in at least three mayoral administrations.
Background of the Mayor’s Fund
Established in 1994, the Mayor’s Fund is a city-affiliated nonprofit that channels private donations into public programs such as universal childcare, emergency relief, and support for families of 9/11 rescue workers. Since its inception it has raised “hundreds of millions of dollars,” including $107 million after the 9/11 attacks and $54.5 million for a COVID-19 emergency relief effort that funded meals and personal protective equipment for healthcare workers.
Financial Overview
According to Bloomberg, the fund raised nearly $8 million in the fiscal year ending June 30, 2025, a sharp decline from a peak of more than $77 million in the 12 months through mid-2020. The 2025 tax filing listed $16.4 million in cash on hand.
Official Statements & Responses
- “In January, our city entered a new era – one that demands our city government reflect our communities,” — Dora Pekec, mamdani senior advisor
- “As we create a new board it’s not to say that the old board doesn’t still have a place in thinking about what comes next,” — Zohran Mamdani, mayor
Reactions and Outlook
Bloomberg notes that the shake-up occurs amid growing friction between Mamdani’s administration and New York’s business establishment, including disputes over higher taxes on wealthy individuals and corporations and public clashes with figures such as Citadel founder Ken Griffin and Amazon founder Jeff Bezos. The restructuring signals a shift toward greater community representation in the fund’s governance, though its long-term impact on fundraising capacity remains uncertain.
