The financial stakes are being raised in the race for mayor.
The New York City Campaign Finance Board on Thursday increased the spending limit set on most of the mayoral field — a condition of their eligibility for public campaign financing.
That changed was triggered by former Citigroup executive Ray McGuire,a Democratic candidate who opted out of the matching funds program and who raised and spent more than half that limit placed on his rivals.
Previously, in the primary, participants in the program, who include Andrew Yang, Eric Adams, Scott Stringer and Maya Wiley, could only spend up to $7.3 million dollars.
Now, following this CFB determination, they can spend up to $3.6 million more with their spending cap is raised to $10.9 million.
McGuire, as of his last filing, had raised $7.4 million privately and spent $3.7 million.
With their public funding, Yang, Adams and Stringer had more cash on hand than McGuire.
Despite high-profile endorsements, McGuire has been polling in single-digits.
In an interview on “Mornings on 1” earlier Thursday, McGuire says he sees the race improving for him.
“You know the conversation rate’s been pretty high,” he said. "The leading candidate in the race so far is undecided, so we are talking to undecided every single day. And that conversation’s going quite well.”
A McGuire campaign spokesperson Lupe Todd-Medina added to NY1: “We knew that as a first-time candidate without a national profile, Ray was going to have to raise more money quickly with a shorter runway. … Our strength shows people want a change, and we are thrilled to have done all of this without taking taxpayer dollars during this time of unprecedented need for our city.”
The spending limit gets reset for the general election.