Eric Adams Drops Out of 2025 NYC Mayor’s Race After Funding Blow

Eric Adams, New York City’s 110th mayor and one of the country’s most visible Democratic leaders, announced Sunday that he will not seek re-election in 2025. His decision follows a ruling by the city’s Campaign Finance Board (CFB) that denied his campaign millions of dollars in matching funds, effectively ending his chances of mounting a competitive race.

In a video posted on X, Adams said the ruling “undermined [his] ability to raise the funds needed for a serious campaign.” The announcement shocked many city watchers but also confirmed what polling and political insiders had long suggested: Adams was struggling to maintain both financial support and voter confidence.

Campaign Finance Ruling Forces Adams Out of 2025 Mayoral Race

The CFB’s ruling last week dealt the final blow. Under the city’s matching-funds program, candidates who raise small-dollar contributions from local residents can receive up to eight times that amount in public funds, giving them a major boost in one of the most expensive political markets in the country.

For Adams, the denial meant losing access to nearly $7 million in potential funding. Without those resources, his campaign faced a steep uphill climb against rising challengers and growing criticism of his record.

“Despite all we’ve achieved, I cannot continue my re-election campaign,” Adams said in his address. He described his run as being for “the underserved, the marginalized, the abandoned, and betrayed by government.”

From NYPD Captain to Mayor

Adams’s political career began after a 22-year tenure with the New York Police Department. As a captain, he often spoke out about racial profiling and community-police relations, which helped launch his political brand as a reform-minded insider.

He later served four terms as a state senator from Brooklyn and then two terms as Brooklyn Borough President. In 2021, he won the Democratic mayoral primary after a ranked-choice voting race that fractured the field. That victory virtually assured him the mayoralty in heavily Democratic New York City.

When he took office in January 2022, Adams promised to restore safety to the streets, accelerate pandemic recovery, and tackle affordability. He also pledged to embrace technology and innovation, setting the stage for one of the most unusual mayoral tenures in city history.

Adams Accepts Bitcoin Paychecks

Early in his mayoral term, Eric Adams gained national attention by taking his first three city paychecks in Bitcoin. At the time, cryptocurrency prices were at record highs, and Adams positioned himself as a technology-forward leader seeking to make New York a hub for digital finance.

In 2022, at a city-hosted blockchain summit, he told attendees:

I smell money, crypto, crypto, blockchain … we embrace technology. If the mayor of the greatest city is willing to talk about Bitcoin, people will follow.

Adams held meetings with cryptocurrency executives and encouraged the establishment of crypto startups in New York City. He also directed city agencies to launch pilot programs that used blockchain technology to manage permits and store official records securely. These initiatives were among the first municipal efforts in the United States to integrate digital finance tools into government operations.

While supporters praised Adams for trying to modernize city services and attract tech investment, critics argued that his focus on cryptocurrency distracted from urgent issues such as housing affordability, public safety, and the city’s subway system. By late 2022, after a sharp decline in crypto markets and high-profile company collapses, Adams’s crypto initiatives were increasingly viewed as risky and controversial.

Adams’s Approval Falls Below 40%

By mid-2024, public support for Mayor Eric Adams had dropped sharply. A Marist College poll found his approval rating below 40%, with only about one-third of New Yorkers saying the city was moving in the right direction.

Housing affordability was the top concern. Rent increases affected all five boroughs, and shelters for unhoused residents were overcrowded. Crime, while lower than pandemic highs, remained a key worry, with many residents reporting feeling unsafe on subways and in public areas.

Adams’s policy proposals, including expanded police patrols and efforts to speed up zoning for new housing, drew criticism for being either too limited or too slow to address urgent city problems.

Federal Investigation Hits Campaign Funding

Eric Adams’s 2021 mayoral campaign came under federal scrutiny over fundraising practices. Prosecutors and the FBI investigated whether foreign nationals used straw donors to contribute illegally to his campaign.

Although Adams has not faced any charges, the inquiry raised concerns among major donors and complicated his ability to raise funds. The City Campaign Finance Board cited compliance irregularities when denying millions in matching funds, further limiting resources for his 2025 re-election bid.

Democratic Leaders Comment on Adams Withdrawal

After Mayor Eric Adams announced he would not run for re-election in 2025:

• Zohran Mamdani (D-Queens): The Assemblymember and now front-runner for the Democratic nomination said the city needs “leadership that prioritizes working-class families.”

• City Council Speaker Adrienne Adams (no relation): Stated that Adams stepping aside allows focus on “housing, affordability, and community investment.”

• Former Mayor Bill de Blasio: Called Adams’s exit “a turning point” and stressed the importance of elections free from heavy influence by large donors or industry groups.

Adams’s withdrawal effectively consolidates Democratic support behind Mamdani and narrows options for voters seeking a moderate candidate in the upcoming mayoral race.

Eric Adams Political Timeline

Candidates and Contenders After Adams Withdrawal

After Mayor Eric Adams announced he would not run, Zohran Mamdani, 33, Assemblymember from Queens, emerged as the leading Democratic candidate, highlighting policies on tenants’ rights, public transit, and climate initiatives.

Other potential Democratic contenders include Bronx Borough President Vanessa Gibson and Comptroller Brad Lander, though neither has officially declared a campaign. On the Republican side, no major candidates have entered the race, but Staten Island officials have indicated possible campaigns.

Without an incumbent in the field, voter attention is expected to focus sharply on candidate platforms and endorsements, shaping a highly competitive 2025 mayoral election.

Achievements and Criticisms of Adams’s Term

During his term, Mayor Eric Adams oversaw several measurable changes: overall crime rates decreased compared to 2021, post-pandemic job growth rebounded, and city agencies launched new technology initiatives, including digitized permitting and blockchain-based document management.

However, critics say these accomplishments were limited. Housing affordability remained a major challenge, and some observers argued that his focus on cryptocurrency initiatives diverted attention from urgent city issues. Christina Greer, a political scientist at Fordham University, commented, “The mayor aimed to be a visionary, but he fell short on delivering improvements in core city services.”

2025 Mayoral Race Opens Without Incumbent

Eric Adams’s exit leaves New York City without an incumbent candidate, creating an open field for the 2025 mayoral election. Democratic and Republican parties are adjusting strategies as candidates prepare to present policy proposals and reach voters.

The mayoral election will center on key challenges facing New Yorkers, including rising rent, overcrowded shelters, and concerns over public safety. With no incumbent running, candidates must outline concrete plans and connect with voters early to establish credibility and support

Also Read: Eric Adams Invites Crypto Companies to Build in NYC