New York's new mayor will work for $1 a year

New York, traumatised by the terror attack that gouged a deadly hole in its financial district and left thousands dead, awoke today to discover it had responded with a remarkable electoral gamble.

Late yesterday, it had pledged its levers of political power to a tycoon with zero experience of public office. The race to replace Rudolph Giuliani as mayor of this city, which had become unexpectedly tight in its closing, frantic days, had been won by the Republican candidate, Michael Bloomberg.

The long-time favourite, Mark Green, the Democrat nominee and a perennial on the New York political stage, quickly conceded defeat.

The shock was intense for both camps. Republicans who had gathered in B.B. King's Blues Bar and Grill off Times Square noisily celebrated a victory that had seemed out of reach until, perhaps, even the last few days of the campaign.

At the Sheraton Hotel, a few blocks north, Mr Green's Democrat fans sagged. "It is the greatest political upset in the history of New York," remarked Alfonse D'Amato, a former US Senator.

When Mr Bloomberg, 59, announced earlier this year that he wanted the keys to Gracie Mansion, the mayoral residence, few took his candidacy seriously. They were glad he was running only because he seemed less dull than the Democrat hopefuls, who included the smooth-talking Mr Green.

The analyses, among Democrats especially, have only just begun. But there are many theories to explain the upset. Mr Bloomberg, the founder of the financial news and data giant of the same name, is thought to have spent roughly $US50 million of his own fortune (estimated at $US4 billion) getting his name and face seared into the minds of New York voters. He simply swamped Mr Green with his dollars.

He also secured help from Mr Giuliani. Ten days before polling, Mr Bloomberg was still trailing Mr Green by double digits. Then the incumbent mayor came forward and gave him his formal endorsement. He also appeared in television advertisements for him. Suddenly, Mr Bloomberg began to surge, closing the gap and then overtaking Mr Green.

The result was a squeaker, even so. With all precincts in the city's five boroughs reporting yesterday, Bloomberg had 719,819 votes, or 50 per cent, while Green had 676,560 or 47 per cent.

Democrats outnumber Republicans five to one in New York. The city has never elected two Republican mayors one after another. It has only three times chosen Republicans at all.

"I feel elated, humbled and a little bit tired as well," Mr Bloomberg said after sharing a plate of bacon with Bronx Borough President Fernando Ferrer, who unsuccessfully sought the Democratic party nomination. He added that he would follow through on a campaign promise to take a salary of $US1 a year - a considerable cutback from the typical $US195,000 salary the city pays its mayors.

- INDEPENDENT