NEW YORK, November 3 (RIA Novosti) - The city of New York is electing its mayor Tuesday, with the incumbent, billionaire Michael Bloomberg, running for a third term against the city comptroller, Democrat William Thompson Jr.
Bloomberg, mayor since January 1, 2002, is in a much tighter race than in his last bid against a Democrat opponent in 2005, and his campaign is estimated to have cost more than $100 million of his personal wealth, 10 times the sum his opponent is believed to have spent.
New York mayors are elected for four-year terms and traditionally were limited to two consecutive terms. However, in October 2008 Bloomberg persuaded the New York City Council to extend the limit to three consecutive terms, allowing him to run for a third time.
The mayor heads the city's executive branch, and his office is in the New York City Hall.
Bloomberg, who earned his fortune as founder of the financial news agency, is known for his efforts to reform education.
