San Francisco moderates stack cash from tech, real estate moguls in mayor’s race

This summer has been a political whirlwind. But if there’s one certainty we can offer you, it’s that the San Francisco mayor’s race in November will be steeped in seriously big bucks.

On Thursday, campaigns reported their latest fundraising figures in a contest pitting incumbent Mayor London Breed against four challengers.

The five major candidates — Breed, Mark Farrell, Daniel Lurie, Aaron Peskin and Ahsha Safaí — have collectively raised over $3 million. And that’s not counting independent committees, public financing and cash that candidates contribute from their own bank accounts, which will add millions more. 

Here are three key takeaways from the latest campaign finance disclosure documents, which show figures through June 30. 

Both former Supervisor Farrell and nonprofit leader Lurie are raking in serious dough — and each have reasons to be happy with their results. 

Farrell started his campaign in February, a bit later than his moderate challengers. Since then, he has raised $654,082 from 1,879 contributors. For candidate-controlled campaigns, the contribution limit is $500 a person.

According to Farrell’s campaign, the average donation is $314, and over 74% comes from donors within the city. He has also received $179,000 in public financing. Farrell is angling for the firefighter union’s endorsement, which could pack an extra $1 million in support. 

Farrell has also set up an independent committee supporting a ballot measure that promises to reform local government. That entity, which has raised $985,140 from the likes of real estate power couple Linda and Thomas Coates, can be used to boost Farrell’s name recognition, as long as it doesn’t explicitly mention his mayoral campaign. 

Lurie has also had fundraising success — impressive as he was relatively unknown as a political figure before launching his campaign in the fall. However, some of his haul came from his own pocket.

Lurie has raised $823,000 from 2,641 donors, more than 66% of them in San Francisco, and has spent $590,000 himself. He is not taking public financing dollars. 

Apart from the campaign committee, Lurie is backed by an independent expenditure committee that has raised $1.9 million this year — much of it from ultra-wealthy donors, such as WhatsApp founder Jan Koum, philanthropist Gordon Getty and Lurie’s mother, Miriam “Mimi” Haas. 

On Thursday, Farrell and Lurie sparred on X over who is the better fundraiser.

The incumbent is the queen of fundraising, though she has been campaigning for much longer than her opponents. 

Breed has raised $961,211 since announcing her bid for reelection in December 2021. She has also received $743,100 in public financing. 

Her campaign reported 3,049 donors, 56% of them city residents, with an average donation of $265.

Breed carries a considerable advantage from a key endorsement, secured last week, from the Democratic County Central Committee. That offers her an essentially free marketing campaign by the committee in the form of fliers and other materials blasted out to the city’s more than 300,000 registered Democrats. 

Additionally, an independent committee supporting Breed has brought in $585,000 this year. The biggest donor to that committee is crypto billionaire Chris Larsen, who contributed $400,000.

Board President Peskin, who has taken the progressive track among the mayoral challengers, has promised to avoid big-money interests. His campaign numbers reflect that stance.

Since launching his election bid in April, Peskin has raised $469,262, with 76% coming from city residents. His average donation is lower than those of Farrell, Lurie and Breed: $247. Peskin has received $300,000 in public financing and has submitted for another $637,000, according to a campaign spokesperson.

The other quasi-progressive challenger in the race is Supervisor Safaí, who launched his campaign last year. Safaí has brought in $491,832 so far. Public financing figures and the makeup of the donations were not immediately available.