Flooding the Market
With New York City set to embrace new campaign donation limits this month a number of traditional big givers -- notably the real estate industry -- have been piling on the dough early before their big money power is curtailed. Those zoning laws aren't going to curry influence by themselves, after all.Giving from individuals who do business with the city will be capped at $400 to a mayoral candidate -- quite the cut from the previous limit of $4,950. So real estate folks and developers had one last hurrah: The companies together had given more than $1 million by Jan. 15, the most recent reporting deadline for the 2009 election. Those same firms had given $239,000 by the same point in January 2004 and $348,000 by January 2000.The giving reflects a broader trend: Over all, candidates have raised about $28.8 million to date for the 2009 race, up from $12.2 million in 2001 and $8 million in 2005, according to the city’s Campaign Finance Board.Big donors are of course playing field, giving to several candidates at once to cover the spread and eliminate any perception that their giving might be idealogical. One of the candidates for Mayor is US Rep. Anthony Weiner (D-NY) and a colleague of mine raised an interesting question: if Weiner continues to hold office as he runs for Mayor, and up until now has been able to collect contributions from individuals in excess of federal limits, is this a loophole for contributors to "double-dip" on the contribution front? It's not just Weiner either, it's any official holding one office and running for another where donation limits and other campaign finance standards vary.