Mayor Zohran Mamdani has dismissed the entire advisory board of the Mayor’s Fund to Advance New York City, removing some of the city’s most prominent business leaders from a nonprofit that has channeled hundreds of millions in private donations to support city programs since 1995.
The move, first reported by Bloomberg News on August 3, 2026, marks the first time in at least three mayoral administrations that all advisory board members have been let go simultaneously. Among those who received letters thanking them for their service and concluding their tenure are Richard Born of BD Hotels, Jeffrey Gural, chairman of GFP Real Estate, Alex Katz, senior managing director at Blackstone Inc., Edward Skyler, Citigroup’s head of enterprise services and public affairs, and James Whelan, president of the Real Estate Board of New York.
The Mayor’s Fund has raised hundreds of millions since its inception under Mayor Rudy Giuliani, including $107 million to support families of rescue workers killed or injured in the September 11 attacks. During the COVID-19 pandemic, the fund raised $54.5 million for emergency relief, covering meals and personal protective equipment for healthcare workers. Its 2025 tax filing showed $16.4 million in cash on hand.
Mamdani’s senior advisor Dora Pekec said in a statement that 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.” She indicated a new board would be named later this year. Shortly after taking office in April, Mamdani appointed a former dockworker and a high school teacher to the fund’s board of directors.
The dismissals follow a pattern of friction between the Mamdani administration and the city’s business community. Mamdani took office in January promising a new direction for the city, and the advisory board reshuffling is the latest in a series of moves that business leaders have viewed with concern. The administration has also proposed tax increases and regulatory measures that critics argue could accelerate the outflow of companies to lower-cost states.
Supporters of the mayor argue that the fund’s governance should reflect a broader cross-section of New Yorkers rather than being dominated by real estate and finance executives. They contend that public-private partnerships should prioritize community representation over corporate access.
The Mayor’s Fund will continue operating during the transition, though fundraising efforts may face headwinds without its established network of business-sector connectors. The nonprofit has historically relied on relationships with New York’s corporate community to raise millions annually.
Sources: New York Post, Bloomberg News
