UPDATE, OCTOBER 2021: Here is who will be on your general election ballot for City Comptroller:
Democratic - Brad Lander
Republican - Daby Benjamine Carreras
Conservative - Paul A. Rodriguez
Libertarian/Independent - John A. Tabacco
Save Our City - Daby Benjamine Carreras
Original pre-primary story:
Let’s start with the basics. It’s pronounced "CONTROLLER." Maybe? There actually seems to be a lot of differing opinions on this controversial issue. The current Comptroller Scott Stringer says “CONTROLLER,” though the person who answered his office phone this week told us it was pronounced COMP-troller. The Simpsons also use COMP-troller.
We may never know the correct pronunciation, but we can answer: what is a comptroller, and why does it even matter?
With a staff of more than 700 employees and a budget of more than $100 million, the comptroller has real power. They serve as a check on the mayor’s office and are arguably the second most important elected official in New York City after the mayor, serving essentially as the city’s chief financial advisor, conducting audits of city agencies and managing the city’s massive pension funds.
At a time when New York City faces a budget hole of nearly $4 billion dollars next year, due to lost revenue during the pandemic, the incoming comptroller has their work cut out for them.
What Does A Comptroller Actually Do?
Three of the comptroller’s main functions are to review all city contracts, audit city spending and oversee the city’s behemoth pension fund, one of the largest public pension funds in the country.
Recent highlights from comptroller audits include how vacant city-owned land could be used for affordable housing, how privately owned public spaces are being cloistered from the people, how homeless shelters are dangerous for children, how Access-a-Ride is failing New Yorkers with disabilities, and how bathrooms in public parks are yes, well, very gross.
Why pick seemingly random things like parks bathrooms? The topics are up to the comptroller, as the only mandate is to audit at least one aspect of every city agency at least once every four years.
The comptroller has an important oversight role that can put pressure on City Hall. But, while the comptroller can make policy recommendations and get press attention, it is up to the City Council to pass legislation and to the mayor to implement any changes or reforms.
On the pension fund front, the comptroller has more autonomy. They guide $239 billion in investments, with input from trustees. Recently, trustees overseeing the pensions of teachers and most municipal employees voted to divest $4 billion dollars from fossil fuels, while police and firefighters pension trustees declined to divest. That years-long process was initiated and overseen by the comptroller.
The comptroller also makes “economically targeted investments,” which reinvest about 2%of the pension funds into low- and moderate-income New York City neighborhoods, through efforts such as affordable housing development.
The current comptroller, Scott Stringer, has reached his two-term limit. He’s running for mayor, as you may have heard, a step other comptrollers have taken. It’s worth noting that while comptrollers have run for mayor —John Liu and Bill Thompson are two recent examples—few have succeeded. Abraham Beame was the last comptroller to become mayor of New York City, taking over in the midst of the 1970s fiscal crisis.
Itching to know more about what a comptroller does? Here’s a full list of their responsibilities. For the visual learners out here’s a video.
Who is Running?
Benjamin has been a State Senator since 2017, representing Harlem and the Upper West Side. Benjamin says if he’s elected he would push for more investment of the pension fund into affordable housing development and increase oversight of the NYPD’s budget.
Iscol was running for mayor up until last week, and he now joins this race as the second biggest fundraiser. Iscol is a military veteran and politically connected founder of a nonprofit that provides mental healthcare treatment for military veterans and their families. He says he would require companies that contract with the city to describe their commitment to the five boroughs, and push to reinvest some of the pension funds in job creation locally.
Lander is currently a term-limited City Council member who represents parts of Park Slope, Cobble Hill, Carroll Gardens and Windsor Terrace. He’s the best funded candidate in the race thus far, having raised nearly $800,000. If elected, Lander says he would push for improvements to traffic safety, further divestment from fossil fuels, and more affordable housing.
Liftin is an attorney who worked as a compliance officer for three private investment firms, most recently at Raith Capital Partners. If elected, she promises to increase oversight of the NYPD’s budget and push for affordable housing.
Parker currently serves as state senator for parts of Central Brooklyn including Flabtush, East Flatbush and parts of Park Slope. If elected, he says he will focus on audits of public safety efforts and homeless services and push for investment in asset-managing firms led by non-white owners or women.
David Weprin is a state assembly member whose family has represented this part of eastern Queens for three generations. If elected, Weprin says he would conduct audits of city agencies more frequently, and push for green energy investments.
City Council Speaker Corey Johnson made a late entry into the race in March. As leader of the city council, he’s often made public transit and pedestrian safety a central issue, creating the so-called Streets Master Plan that calls for a complete overhaul of the city's transportation network, and for the city to take control of the MTA. Johnson oversaw the grueling budget fight at the height of the George Floyd protests last summer, where the council attempted to nick away at the NYPD’s budget. While Johnson had been contemplating a bid for Mayor, he later withdrew from the race citing mental health issues.
Four other candidates have filed paperwork to run for comptroller but have yet to report any funds raised; Chris McNickle a biographer of New York Cityformer mayors, Alex Pan, a college student, and Reshma Patel, a local Democratic club president. Lastly, Michelle Caruso-Cabrera, a financial analyst and reporter for CNBC and former Republican, who mounted an unsuccessful but well-funded challenge against Alexandria Ocasio Cortez in the primary last June, is also running.
