For Immediate Release:
Contact: Brian Paul
May 11, 2011
New York Campaign Contributions from Big Banks & Real Estate Developers Hit New Highs in 2010
$3.9 Million in Contributions to New York State and City Candidates
As the On May 12 coalition prepares to challenge the logic behind Mayor Bloomberg's proposed budget with a teach-in and rally tomorrow, one of the questions that Common Cause/NY members asks is why are New York State and City leaders refusing to balance spending cuts with reductions in generous subsidies for big banks and real estate developers? Part of the reason may be because New York politicians are increasingly dependent on them for campaign contributions.
Common Cause/NY's analysis of campaign contributions from the six major banks and their trade organization, the NY State Bankers Association, and twelve major New York real estate developers and their trade organization, the Real Estate Board of New York, reveals that New York campaign contributions from these industries are higher than ever.
The six major banks - JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley - and the Bankers Association made almost $900,000 in New York campaign contributions in 2010. This figure is almost double the roughly $390,000 in contributions made in 2009 when the banks cut back in response to the federal bailout.
Twelve major residential real estate developers -- The Donald Zucker Company, Durst Fetner Residential, Extell Development Company, Forest City Ratner, Jack Resnick & Sons, Milstein Properties, Rose Associates, Rudin Management Company, The Brodsky Organization, The Related Companies, Tishman Speyer Properties, and Two Trees Management - and the Real Estate Board of New York made over $3 million in New York campaign contributions in 2010. This figure is triple the amount of contributions made in 2009 and almost double the amount of contributions made in 2008. Crucial policies up for renewal in Albany this year, such as rent control and the extension of the 421a subsidy, are likely fueling the record spending.
Office: Common Cause New York
Common Cause is a nonpartisan grassroots organization dedicated to upholding the core values of American democracy. We work to create open, honest, and accountable government that serves the public interest; promote equal rights, opportunity, and representation for all; and empower all people to make their voices heard in the political process.