Introduction to the Donation
Michael Jenkins, a founder of the Wall Street trading firm Jane Street, contributed $650,000 earlier this month to the political action committee Ending Homelessness & Building a Better NYC, which has been backing City Council candidate Wilfredo López in The Bronx.
Background on the Donation
The donation, filed on April 16, follows $950,000 Jenkins gave in November that was first reported by New York Focus. López, a former legislative director for Councilmember Ben Kallos (D-Manhattan), is running in a crowded contest to replace term-limited Councilmember Diana Ayala, whose district encompasses East Harlem, Mott Haven and Randall’s Island.
Endorsements by the PAC
In addition to López, EHBB endorsed three other City Council candidates shortly after Jenkins’ most recent contribution: Councilmembers Christopher Marte and Yusef Salaam in their reelection bids in Manhattan and Erycka Montoya, a staffer for Council Speaker Adrienne Adams who is running to replace term-limited Councilmember Francisco Moya in Queens. Tomas Ramos, who runs Bronx-based social services nonprofit Oyate Group, serves as CEO of the PAC. Jenkins is the only person who’s funded it.
Mission of the PAC
“EHHB is an independent expenditure focused on issues rather than solely on candidates,” said Michael Brady, a spokesperson for the PAC. “While we have endorsed several candidates throughout NYC, EHHB is firmly committed to changing the status quo for New Yorkers and addressing the root causes of homelessness while working to find solutions that New Yorkers need and deserve.”
Impact of the Funding
The funding for the PAC could go a long way towards boosting candidates whose campaign spending is capped at $414,000 under the city Campaign Finance Board’s matching funds program. PACs and independent expenditure groups, which are legally barred from coordinating with campaigns, have no such limits. Thus far, the group has spent at least $145,143 supporting López, mostly on mailers, ads and online videos.
Candidate Response
“I am dedicated to running my race and serving the people of our community, from the ground up, by knocking on doors and meeting my neighbors where they are,” López told THE CITY in a written statement. “Nobody will ever be able to buy my vote. I have always and will always fight for our working families and communities.”
Transparency and Spending
It did not disclose its spending to the Campaign Finance Board for two months, Politico first reported, an omission it attributed to a clerical error. The groups’ spending has included a mass mailing, digital ads, and swag promoting López as well as legal challenges to his opponents, according to its disclosure. According to Politico, it’s also spent on not yet disclosed open bar events promoting him.
Motivation Behind the Donation
It’s unclear what’s motivating Jenkins, the only donor to the PAC. The financier “has been retired for some time and currently holds no business interests before the city or the state,” noted Brady, the PAC’s spokesperson. He credited Ramos’ work for the PAC and with Oyate with “revolutionizing fundraising and shifting resources directly to the people, something that often gets individuals that have had their grip on communities for decades upset.” He said the group plans to announce more endorsements ahead of June’s primary elections.
Conclusion
The significant donation by Michael Jenkins to the Ending Homelessness & Building a Better NYC PAC underscores the complex landscape of campaign financing in New York City. As the city heads into primary elections, the influence of such donations on the outcome of races, especially for City Council seats, will be closely watched. The commitment of the PAC to address homelessness and support candidates who share its vision could potentially impact the city’s approach to this pressing issue.
FAQs
- Q: Who is the main donor to the Ending Homelessness & Building a Better NYC PAC?
A: Michael Jenkins, a founder of the Wall Street trading firm Jane Street. - Q: How much did Michael Jenkins donate to the PAC in his most recent contribution?
A: $650,000. - Q: Which City Council candidate is being backed by the PAC in The Bronx?
A: Wilfredo López. - Q: What is the mission of the Ending Homelessness & Building a Better NYC PAC?
A: To address the root causes of homelessness and work towards finding solutions for New Yorkers. - Q: How much has the PAC spent supporting Wilfredo López so far?
A: At least $145,143, mostly on mailers, ads, and online videos.
