The man who is likely to be New York City’s top finance watchdog under Zohran Mamdani — assuming they both win their races on Tuesday — has said he does not believe Mamdani could divest the city’s pension funds of their investments in Israel.

“Just doesn’t have the votes for that,” Mark Levine, the likely next comptroller, told the Jewish Telegraphic Agency in September.

But in fact, Mamdani would be able to stack the boards of two of the city’s five pension funds such that divestment from Israel could be on the table, according to a JTA analysis — and some of Mamdani’s supporters say they are optimistic.

“We have hope in a Mamdani administration,” said Leah Plasse, a school-based social worker who has been lobbying for two years for the Teachers’ Retirement System to divest from Israeli assets.

As the election draws close and Mamdani maintains his lead in the polls, Jewish New Yorkers are wondering about how a mayor who is a longstanding supporter of the Boycott, Divestment and Sanctions movement against Israel could enact his vision in New York City. 

Mamdani has stated his intention not to invest city funds in Israel bonds, in keeping with the current comptroller’s decision not to reinvest when $39 million in bonds matured in 2023. 

But the city’s pension funds hold Israel investments beyond Israel bonds, which are issued by the Israeli government. The BDS movement calls for divesting from “all Israeli and international companies that sustain Israeli apartheid” — expanding targets to include most Israeli companies as well as non-Israeli companies that do business with the Israeli government. 

The Teachers’ Retirement System’s Israeli investments include military technology companies — which Plasse and the group NYC Educators for Palestine have honed in on — as well as a variety of businesses like energy companies, food manufacturers and fuel companies.

Altogether, the city’s five public pension funds contain approximately $315 million in Israeli assets, according to the comptroller’s office. Mamdani has not indicated an intention to push for full divestment, but he also has not denied the possibility when asked.

Asked about doing so in a JTA questionnaire last week, Mamdani responded, “I support the approach of the current comptroller, Brad Lander, to end the practice of purchasing Israel bonds in our pension funds, which we do not do for any other nation.” He also did not specifically respond to part of that question which asked how else he might advance the cause of BDS as mayor. 

What’s clear is that if Mamdani chose to make divestment a priority, pathways exist within the city’s pension fund management where headway could be possible.

For each of the city’s five pension funds to make any investment decisions, its board of trustees must vote in favor. Those boards vary in size, but typically consist of the comptroller, an appointee by the mayor and a number of labor representatives. Recommendations are made to those boards by the comptroller’s in-house Bureau of Asset Management.

Levine emphasized that a mayor could not “singlehandedly” overrule the comptroller’s recommendations to divest from Israel. But on boards where the mayor has more influence over the makeup of the trustees, the mayor could do so with the help of his or her appointees.

The Board of Education Retirement System, for example, has a 28-person board of trustees — a 15-person majority of whom are appointed by the mayor. Of those 15 mayoral appointees, one is the schools chancellor, one is an independent appointee, and the other 13 are the mayoral appointees on the city’s Panel for Educational Policy. (Mamdani has said he wants to reduce the influence of the mayor on the PEP.) The number of votes required to pass a resolution in the BERS is 15, though that figure must include one of the board’s two employee-elected members.

The board of the Teachers’ Retirement System, meanwhile, consists of seven members, and requires four votes to pass a resolution. Three of the members are mayoral appointees, one represents the city comptroller, and the other three are elected by the teachers on staggered three-year terms. 

The three teacher members on the board now are all drawn from the teachers union’s leadership caucus. The union, the United Federation of Teachers, endorsed Mamdani.

The other three pension funds — for police, firefighters and city employees — are less susceptible to mayoral influence because the mayor appoints a smaller proportion of members.

While the movement to boycott Israel has called for divestment since 2005, advocacy has ramped up in many places in the last two years during the Israel-Hamas war in Gaza. In New York City, pro-Palestinian advocacy groups have gained little traction under an Eric Adams mayoral administration that is not sympathetic to their activism. 

In fact, the Teachers’ Retirement System board has been resistant to advocacy for divestment, according to Plasse, who noted that the board “voted to close the public comment period after 1.5 years of us coming to speak about divesting our pension.” 

Plasse said she was told this change was made for the sake of consistency, as no other pension funds’ board meetings include public comment periods. But she said it felt “quite clear” the real reasoning was to stifle her and her group’s “continued advocacy.”

Indeed, groups such as NYC Educators for Palestine and Workers for Palestine have regularly sent representatives to the public meetings of the pension boards. In public comments, the activists have pointed to examples like the city’s divestment from South African businesses in the 1980s, and more recently, the funds’ unilateral decision to divest from Russian securities in 2022, to show a precedent.

“And just on a personal note, before the holidays, as a Jew, before Hanukkah begins, I truly believe in tikkun olam, which is the repairing of the world,” Plasse said in the public comment period of a December 2024 board meeting of the Teachers’ Retirement System, according to meeting minutes. “We are funding genocide. That is against my faith.”

Any effort to divest from Israel would likely butt up against Levine, who is expected to win the race for comptroller. Levine, who is Jewish, endorsed Mamdani but has said he wants the city to resume investing in Israel bonds. NYC Educators for Palestine joined the anti-Zionist group Jewish Voice for Peace outside Levine’s office last week for a protest they named “Break the Bonds,” calling his intention to invest in Israel bonds one that puts “deadly politics over the interests of working New Yorkers.”

Levine, however, says he isn’t motivated by pro-Israel sentiment. The investments, he notes, have always been sound for the city. (Levine’s campaign did not respond to requests for a follow-up interview.)

That means the issue of Israeli investments — which, according to Levine, are a sturdy piece of an investment portfolio that serves more than 750,000 New Yorkers — could bring some of Mamdani’s deeply held values into conflict. In response to JTA’s question on divestment, he emphasized the central promises of his campaign. 

“My priority as mayor will be to deliver on the affordability agenda I ran on: freezing the rent, universal childcare, and fast and free buses,” Mamdani answered. “That will always be the core of my administration.”

And advocates for divestment say they won’t stop pushing the case before the pension boards. At October’s Teachers’ Retirement System board meeting, Plasse handed out a written statement calling for an investment analysis and declaring that her group would be undeterred by the board’s repeated denials. 

“I am more than open to meet with anyone about anything that has been discussed here today,” the statement read. “But please know, we are only becoming more embolden [sic] to demand this change. This is our money and the time will come.”

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