In a bold move generating buzz among New York’s business elite, Mayor Zohran Mamdani has dismantled the advisory board of a prominent nonprofit responsible for channeling private sector donations to city initiatives.
The surprise decision came to light through a letter—accessed by Bloomberg News—in which Mamdani acknowledged the service of the departing members of the Mayor’s Fund to Advance New York City.
In an unprecedented shift, the fund also announced via email that it would dissolve its entire board, a dramatic step not seen across at least three previous mayoral administrations.
Expressing gratitude, Mamdani’s letter stated, “I commend you for your dedication and the benefit you have brought to our City as you conclude your tenure on the Mayor’s Fund Board of Advisors.”
The roster of departing advisors includes such prominent figures as Richard Born of BD Hotels, Jeffrey Gural, chairman of GFP Real Estate, Alex Katz, senior managing director at Blackstone Inc., Edward Skyler, Citigroup Inc.’s head of enterprise services and public affairs, and James Whelan, president of the Real Estate Board of New York.
The mayor’s office told Bloomberg it would be replacing the released board members later this year.
“The creation of a new advisory board is an important next step in reimagining how philanthropy can augment, but not replace, public dollars and public goods, and we are eager to share more about our new board of advisors later this year,” Mamdani senior advisor Dora Pekec told the outlet.
The fund, which had $16.4 million cash on hand according to its 2025 tax filing, championed fundraising efforts in part by leveraging relationships with New York’s business community to raise millions of dollars each year.
It’s raised hundreds of millions since its 1995 inception – including a staggering $107 million to support family members of rescue workers killed or injured in the Sept. 11, 2001 terror attacks.
During the darkest days of the COVID-19 pandemic, the fund raised $54.5 million for an emergency relief fund that covered meals and personal protective equipment (PPE) for healthcare workers.
But Mamdani started eroding the fund’s lucrative business connections as soon as he took office in April, appointing a former dockworker and a high school teacher to serve on the fund’s board of directors.
“In January, our city entered a new era – one that demands our city government reflect our communities,” Pekec said. “The building of a new Mayor’s Fund, built on the ethos of putting those directly impacted in the rooms where decisions are made, is a continuation of that work.”
The move is the continuation of an anti-business throughline in the Mamdani administration, which has repeatedly demonstrated its willingness to spit in the face of big business and wealthy New Yorkers.