Mamdani effect? New York pulls investments from Israel: "Not political"

New York City Comptroller Mark Levine announced he will not renew the city's pension fund purchases of Israeli bonds at this time, breaking a campaign promise. Levine cited financial considerations and regional instability, but the decision comes amid opposition from Mayor Zohran Mamdani, a BDS supporter.

New York City Comptroller Mark Levine has backtracked on his campaign promise to renew the city's pension fund investments in Israeli government bonds. In an interview with the New York Times, Levine, considered a prominent supporter of Israel, explained that he and his investment team decided not to purchase the bonds at this stage, based solely on economic considerations. The decision maintains the policy set by his predecessor, Brad Lander, who in 2023 refrained from renewing maturing Israeli bonds, which then totaled about $40 million. Levine emphasized that the decision was personally difficult for him, as a Hebrew-speaking Jew with ties to Israel, and criticized the Netanyahu government. His office explained that Israel's credit rating downgrades during the wars had hurt the investment's attractiveness. The issue has a political context: Mayor Zohran Mamdani, a BDS supporter, opposed renewing the investment. The city's pension system manages about $325 billion, and the comptroller has independent authority over about $1.3 billion. Levine noted that the funds still hold over $285 million in investments in Israeli companies.