Real Estate Moguls Back Hochul, Face Tax Backlash

Prominent figures in New York's real estate industry have made substantial donations to Governor Kathy Hochul's re-election campaign, a move that has drawn criticism from Republicans who contend that the governor's policies, including the implementation of a pied-a-terre tax, are ultimately harmful to these donors.

Major contributors include Jed Walentas of 2 Trees Management, who contributed $18,000 to Hochul's campaign in 2023 and also donated $129,600 to the New York State Democratic Committee. Douglas Durst of the Durst Organization gave a combined $7,500 to Hochul in 2023 and 2025, with his organization also donating $25,000 to the state Democratic Party. The LeFrak Organization's leadership contributed $18,000 to Hochul collectively in 2024. Members of the Elghanayan family, associated with Rockrose Development and TF Cornerstone, donated a total of $43,000 to Hochul between 2023 and 2024. Donald Zucker of Zucker Company contributed $14,500. World Trade Center Developer Larry Silverstein donated $18,000 in 2023. Marc Holliday of SL Green donated $18,000 in 2023 and an additional $24,000 to the state Democratic Party from 2024 to 2026. Rob Speyer, president and CEO of Tishman Speyer, made donations totaling $18,000 in 2023 and 2024, with Tishman Speyer corporate entities adding another $10,000. Jeff Blau, CEO of Related Companies, donated $18,000 in 2023.

A spokesperson for the Real Estate Board of New York (REBNY) stated that individual members make their own decisions regarding political contributions, as the board does not endorse candidates. "REBNY does not endorse candidates, and our Board members make their own individual decisions about political contributions," the spokesperson said.

State GOP Chairman Ed Cox suggested that these real estate leaders may feel "burned" by Hochul's administration, particularly following the introduction of the pied-a-terre tax on luxury second homes, which he attributed to pressure from Mayor Zohran Mamdani and his allies pushing a "tax the rich" agenda. "For their reward, Hochul shoved the pied-a-terre tax down their throats to satisfy Zohran Mamdani’s desire to tax the rich. Of course they were burned," Cox stated.

Campaign strategist O’Brien O.B. Murray noted that Hochul benefits from the "power of incumbency," calling it a "conundrum when the people you support go against you."

In contrast, Republican gubernatorial candidate Bruce Blakeman has reportedly received limited financial backing from business leaders, with James Dolan, owner of the Knicks and Madison Square Garden, being a notable exception who has contributed significantly to the pro-Blakeman Super PAC, Strong and Safe New York. Major landlords and developers might perceive the incumbent Democrat as a safer bet for re-election, thus seeing "no upside" in supporting Blakeman, according to Murray.

Long Island developer Scott Rechler contributed to both Blakeman's campaign for Nassau County executive last year and Hochul's gubernatorial re-election. Former Mayor Mike Bloomberg is reportedly investing millions into two Super PACs supporting Hochul, and Mets owner Steven Cohen, whose firm received a state license for a casino, has made maximum contributions to the governor.

Blakeman has asserted his pro-business stance, vowing to restore economic growth by lowering taxes and reducing utility costs. "I am going to win the governor’s race and restore economic growth and job creation to the Empire State by lowering taxes and electric bills for all New Yorkers," Blakeman said. "Our business community has a choice: four more years of Hochul policies that increase taxes and drive jobs out of New York, or join my campaign and help build a state where everyone prospers."

In a letter to the Partnership for the City of New York, Dolan criticized its leaders for supporting Hochul, stating, "Whoever serves as New York State’s next governor is our only defense against these harmful policies for the next three years… and it is clear that, if re-elected, Gov. Hochul will not hold the line."

The Hochul campaign defended the governor's record, with a spokesperson stating, "Governor Hochul has cut red tape on housing to bring costs down for families across New York – Blakeman bragged that because he doesn’t build any, housing costs have skyrocketed. He’s never put money back in New Yorkers’ pockets, and he’s not going to start now."