New York Gov. Kathy Hochul still has a sizable cash lead over her opponents, but her challengers say the state’s new public campaign finance system makes it easier for them to make their case.
The incumbent Democrat raised $5.5 million in the last six months and now has around $20.2 million on hand, campaign finance disclosures filed last week show. That’s almost 20 times the amount of her Republican challenger, Nassau County Executive Bruce Blakeman, who reported $1.2 million in his coffers. Most of that money was transferred from his local election account and the Nassau County Republican Committee.
Hochul’s resources also dwarf those of Lt. Gov. Antonio Delgado, a onetime ally who is challenging her in a Democratic primary. Delgado raised $1.2 million in the last six months and has $1.1 million in the bank.
“This campaign is laying the groundwork necessary to re-elect the governor, elect Democratic leaders up and down the ballot, and take back the House in November to keep our state safe from Trump’s relentless attacks,” said Hochul’s campaign manager, Preston Elliott.
Blakeman’s campaign spokesperson, Madison Spanodemos, said, “No amount of money can overshadow Kathy Hochul’s disastrous record.”
Delgado’s campaign said he has raised more money than other people who have recently challenged incumbent Democratic governors from their left flank. He has begun touring the state and recently announced the endorsements of two democratic socialist lawmakers from Brooklyn: Assemblymember Emily Gallagher and state Sen. Jabari Brisport.
Delgado’s campaign crowed that it is poised to receive funding under New York’s new public campaign financing system, which is available to gubernatorial candidates for the first time in 2026.
“Matching funds change what’s possible,” Delgado spokesperson Steven Ileka said. “They allow candidates who speak plainly about affordability, housing, child care and health care to actually compete and win against entrenched political machines backed by billionaire donors.”
To qualify for funds, any candidate for governor must raise a total of $500,000 from at least 5,000 state residents who give $1,050 or less. The first $250 of those contributions are matched six to one by taxpayers, for a maximum payout of $3.5 million.
While public financing has existed in New York City for more than a decade, it is relatively new for state offices. In the 2024 elections, around 150 candidates for state Assembly and Senate received around $35 million in matching funds, according to the state’s Public Campaign Finance Board.
New York Public Interest Research Group Executive Director Blair Horner, whose good-government advocacy group lobbied to create the system, said its goal is to make elections more competitive.
“For any challenger taking on an incumbent, it's a steep uphill climb,” Horner said. “The system of public financing helps make that climb a little bit easier.”
Blakeman has registered for the program but doesn’t appear to have met the eligibility threshold. A spokesperson for the Hochul campaign said it would decide whether or not to participate in the public financing program in February.
Hochul’s campaign has started announcing endorsements from people around the state, including state legislators from Brooklyn to Erie County as well as the mayors of Buffalo, Rochester and Syracuse.
Larry Sharpe, a libertarian running his third campaign for governor, said he will attempt to unlock matching funds. Roughly half of his donors come from outside of New York state, he said, but the prospect of extra funding will prompt him to focus on the state.
Sharpe said he’s raised about $100,000 and touted a Zogby poll from Tuesday showing him with support from 8% of voters surveyed.
“I'm at 8% with $100,000,” Sharpe said. “Imagine what $3 million does for me.”
