Courtesy of JNS. Photo credit: Michael M. Santiago/Getty Images
New York City mayoral candidate Zohran Mamdani (left) with fellow mayoral candidate Brad Lander during an election night gathering at The Greats of Craft LIC, Queens, June 24, 2025
(JNS) — New York City Mayor Eric Adams, who is running as an independent to retain his seat, called for a review of the city comptroller’s decision to pull pension fund investments from Israel Bonds.
Under the tenure of Brad Lander, the city comptroller, the city’s pension system holdings in Israel Bonds “have declined sharply, from tens of millions of dollars across multiple pension funds to now less than $1.2 million held only by the Police Pension Fund,” stated Randy Mastro, the city’s first deputy mayor, in a letter to Lander on Thursday.
Lander, who is Jewish, ran as a Democrat in the mayoral primary. He cross-listed with and has supported Zohran Mamdani, an anti-Israel state assemblyman who secured the Democratic nomination.
“This reduction appears to be the result of a sustained and coordinated decision on your part not to reinvest in State of Israel Bonds upon maturity,” Mastro wrote. “Moreover, this decision has adversely affected the performance of the pension funds’ bond portfolios, because State of Israel bonds have outperformed other bonds in which the pension funds are invested.”
Lander said his office is no longer investing in sovereign debt, but the letter notes that Israel Bonds are the only sovereign bonds in which the city had invested, suggesting that the policy targets Israel alone.
“This divestment, occurring amid a global ‘boycott, divestment and sanctions’ campaign against Israel, appears to be in furtherance of that BDS campaign, regardless of the adverse financial consequences for city pensioners,” Mastro stated. “You have a fiduciary duty to the city’s pensioners that is now called into question by your decision in this regard.”
Adams stated that Lander “was elected to safeguard New York City’s financial future, yet he continues to pander to the antisemitic BDS movement at the expense of taxpayer dollars and our city’s best interests, and New Yorkers deserve to know why.”
“Israel is not just the world’s only Jewish state,” he said. “It’s a vital economic partner to both our city and country.”
“While Brad votes to divest from one of our closest allies, our administration is doing the opposite. Investing in Israel,” the mayor stated. “Just this summer, we partnered with the Israeli minister of economy to launch the first-ever New York City-Israel Economic Council.”
