New York City Comptroller Mark Levine has reversed course on his campaign pledge to resume purchasing Israeli government bonds, a move welcomed Wednesday by Mayor Zohran Mamdani, who has long opposed the investments.
Levine’s office said decisions about purchasing the bonds are made strictly on financial grounds, while emphasizing that the city’s pension systems still hold more than $285 million in Israel-related investments.
The decision, first reported Wednesday by The New York Times, marks a change in position for Levine, who promised during his 2025 campaign to resume buying the bonds after his predecessor, Brad Lander, allowed the city’s previous holdings to mature without reinvesting.
“Decisions about whether to invest Cash Desk funds in Israel Bonds, or any other financial instrument, are made strictly on financial grounds, based on what best serves the City and its pensioners,” a spokesperson for Levine said in a statement to amNewYork.
The spokesperson added that the city’s pension systems hold $285.42 million in Israel-based public equities and public fixed-income investments through their broader portfolios.
The Times reported that Levine and his investment team cited financial concerns, including lower credit ratings and instability in the Middle East, in deciding against purchasing the bonds.
Asked about the move at an unrelated press conference on Wednesday, Mamdani welcomed the decision and reiterated his opposition to the city purchasing Israeli government debt.
“I welcome the comptroller’s decision,” Mamdani said. “It is something that I’ve said in the past that I don’t believe that our city should purchase Israel bonds. We don’t purchase the bonds of any other sovereign nation. I don’t think that we should make an exception when it comes to Israel.”
The mayor added that the decision was Levine’s to make and that he supported it.
New York City Comptroller Mark Levine speaks in support of a proposed permanent memorial to the victims of the Oct. 7, 2023, Hamas attacks in Gravesend, Brooklyn, on Oct. 7, 2026.Photo by Gabriele Holtermann
Israeli bonds became an issue during last year’s Democratic primary for comptroller. Levine and his opponent, then-City Council Member Justin Brannan, both pledged to increase investments in the bonds, as reported at the time by The Forward.
Levine continued defending the investments after taking office. In April, he described Israeli government bonds as safe investments with a decades-long record of repayment, according to The Algemeiner.
At the same time, Levine has remained a vocal supporter of Israel. Just last week, he joined other elected officials in Gravesend, Brooklyn, to call for a permanent memorial honoring the victims of the Oct. 7, 2023, Hamas attacks.
Israel’s sovereign credit ratings remain below their levels before the war in Gaza following a series of downgrades. S&P affirmed Israel’s A credit rating with a stable outlook in May, while Moody’s maintained its Baa1 rating with a stable outlook in January. Fitch affirmed its A rating with a negative outlook in March, citing rising government debt and risks stemming from the conflicts in the Middle East.
The decision not to purchase Israeli bonds continues an investment practice established under Lander, whose approach drew criticism from former Mayor Eric Adams’ administration.
As THE CITY reported in July 2025, then-First Deputy Mayor Randy Mastro questioned whether Lander’s decision to let the bonds mature without reinvesting was connected to the Boycott, Divestment and Sanctions movement targeting Israel.
Lander rejected that suggestion, saying the city did not purchase debt issued by other foreign governments and should not make an exception for Israel. The Adams administration defended the bonds as a sound investment and urged the city to resume purchasing them.