Hochul’s huge campaign cash advantage
Hochul is not talking politics after a big fundraising haul, putting her well ahead of her competitors this year.
According to new fundraising numbers filed for the last six-month period ending in January, Hochul’s fundraising far outpaced both her primary and Republican rivals in this year’s race for governor.
What You Need To Know
- Hochul has $20 million in the bank, far more than her opponents
- Hochul has not said if she will participate in the new public campaign finance system
- Hochul has raised campaign cash from people with business before the state
The governor already has more than $20 million to spend in this year’s race so far — 16 times that of her rivals. She’s in a good position going into campaign season.
Since January 2023, Hochul has raised more than $30 million for her reelection bid — a large sum despite new campaign finance regulations, which create new public financing for campaigns while also reducing the state’s maximum contribution limit.
Nonetheless, some big names in accounting and real estate are her biggest backers.
“The governor is in this interesting situation where anything from the left has been bolstered by the public financing system, where the lower contribution limits make it harder for her to raise money against wealthy donors that may be coming at her from the Republican side of the ledger,” Blair Horner of New York Public Interest Research Group (NYPIRG) said. “So the system has changed, and I think it may be harder for the governor to thread that needle.”
Despite these new regulations, candidates, like Hochul, are not prohibited from accepting donations from people with business before the state.
NY1 reviewed Hochul’s campaign contributions, finding thousands of dollars from those looking for state business or action.
In one instance, Hochul appears alongside a real estate developer in 2023 to announce the construction of a new, state-backed affordable housing development in Yonkers.
Three months earlier, the CEO had given the maximum contribution to Hochul’s campaign.
“What this is all about is business interests and people with business before the state trying to influence the governor and influence state policy to their advantage, and it’s all legal,” John Kaehny of Reinvent Albany said.
A spokesperson for Hochul told NY1: “The Governor approaches every decision through the lens of what is best for New Yorkers. Campaign contributions have no influence on government decisions.”
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