Bloomberg Wins New York Mayor's RaceRepublican billionaire Michael Bloomberg was elected New York mayor Tuesday, notching an improbable victory over a veteran Democratic politician to take over the city's recovery from the World Trade Center attack.
"Tonight is not about Republicans or Democrats. It's about New Yorkers," Bloomberg told cheering supporters. "This is our victory, a victory for our vision and our faith in the future of the greatest city in the world."
The 59-year-old Bloomberg, who founded the financial empire that bears his name, has never held public office. He spent an estimated $50 million of his own money in the most expensive mayoral campaign in U.S. history
Democrat Mark Green conceded the race early Wednesday after a seesaw battle through the night. But with 99% of the votes counted, Bloomberg had 711,189 to Green's 670,413.
Bloomberg, who won in a city where Democrats outnumber Republicans 5-to-1, will succeed Republican Rudy Giuliani, the popular incumbent who cannot seek a third term. The mayor led chants of "USA, USA!" as Bloomberg gave his victory speech.
Bloomberg will inherit a city that has been in crisis since Sept. 11, when the World Trade Center was felled by two hijacked jets.
An estimated 100,000 jobs have been lost due to the resulting downturn in the economy, and the next mayor will have to bridge a multibillion-dollar budget gap.
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