NYC Mayor’s Office Accuses Comptroller of Aiding BDS With ‘Withdrawal’ of Millions From Israel Bonds

The office of New York City Mayor Eric Adams has accused Comptroller Brad Lander of pushing a political agenda and advancing the anti-Israel boycott, divestment, and sanctions (BDS) movement by withdrawing tens of millions of dollars in city pension funds from bonds issued by the Jewish state.

In a letter to Lander dated July 10 and first shared with the media on Sunday, First Deputy Mayor Randy Mastro demanded a full accounting of the comptroller’s decision-making regarding the investments in Israel Bonds.

New York City’s holdings in Israel-issued bonds have plunged from “tens of millions of dollars” to just $1.2 million in the Police Pension Fund during Lander’s tenure, reversing a longstanding pattern of reinvestment stretching back to 1974, according to the letter.

Lander subsequently confirmed to The Forward that city pension funds currently hold no investments in Israel Bonds, noting the purchase by the Police Pension Fund was made by a fund manager but has since been sold.

Mastro wrote that Lander’s decisions “appears to be in furtherance of [the] BDS campaign, regardless of the adverse financial consequences for city pensioner.”

The BDS movement seeks to isolate Israel on the international stage as the first step toward its elimination. Leaders of the movement have repeatedly stated their goal is to destroy the world’s only Jewish state.

City records show that Israel Bonds, historically yielding approximately 5 percent annually, outperformed many alternatives, and critics such as Mastro have argued the abrupt exit is financially irresponsible.

Meanwhile, Adams has promoted his own pro-Israel push, noting last month’s formation of the inaugural New York City–Israel Economic Council aimed at boosting trade and innovation with the Jewish state. In a press event, Adams repudiated Lander, saying that the comptroller “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. New Yorkers deserve to know why.”

Lander’s office swiftly defended the move, describing it as consistent with a longstanding policy to avoid foreign sovereign debt, rather than a targeted divestment linked to Israel.

“Lander has never divested,” a spokesperson for Lander said in March, noting at the time that the city continued to hold over $400 million in investments in Israeli companies.

As of May, Lander said city pension funds still held more than $315 million in Israel-based assets, mostly in common stock and some in Israeli real estate investment trusts.

Lander, who is Jewish, claimed that his predecessors made “politically motivated choices” to treat Israel in a more “favorable way” than other countries.

“As a Jew, I am proud that we have these investments in Israel,” Lander told The Forward. “But I’m not allowed to make investments for that reason. They have to make financial sense to be consistent with our policies and my fiduciary duty.”

A representative for the comptroller told the New York Post that Mastro’s accusations are a “cynical effort by the Adams administration to weaponize antisemitism against the highest ranking Jewish elected official in New York City government.”

The battle has reverberated across New York City’s political landscape, tapping into deep divisions over foreign policy, fiscal stewardship, and community allegiance. Adams, running as an independent for reelection this fall, is courting Jewish constituents and warning Lander’s withdrawal of bonds signals “pandering” to anti-Israel sentiment.

Lander stoked outrage among the Big Apple’s Jewish community when he recently aligned with Zohran Mamdani, a progressive firebrand who backs the BDS movement and is running for mayor. Lander’s support for the anti-Israel politician has raised scrutiny regarding his motives in ending investments into Israeli bonds. Zionist advocacy groups and pension experts are demanding transparency, questioning whether the city actually missed out on returns typically delivered by Israel Bonds.

Although Lander has repeatedly affirmed his belief in Israel’s “right to exist,” he has suggested that controversial slogans such as “globalize the intifada” might not be inherently supportive of violence. He has also refused to defend Israel from accusations of committing “genocide” in Gaza, saying that he believes the word is offensive to the Jewish community because it evokes memories of the Holocaust.

Mastro’s letter sets a July 17 deadline for full documentation of Lander’s policy concerning Israel Bonds.

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