Brett Schundler not running for Mayor of Jersey City

I received the following email from Brett Schundler this afternoon:

January 12, 2008

I will not be running to become Jersey City's Mayor this year.

Our nation's economic crisis caused the value of several long-term investments of mine to plummet. I had been hoping these investments would bounce back, but they have continued to fall, and I have now been forced to sell them at a loss.

This will make it impossible for me to run for mayor this year. I had planned to campaign full-time this Spring and to pay my family's mortgage and my children's tuition bills out of invested savings. Instead, I will need to work full-time at an income-earning job to pay those mortgage and tuition bills.

From the bottom of my heart, I want to thank you for your encouragement and support this past year. In the five weeks from mid-October to just before Thanksgiving, we raised almost $200,000 in campaign contributions. We had a great start, and I do believe we could have won this election were I able to fundraise and campaign full-time this Spring. Unfortunately, that is no longer an option.

One positive bit of news: we have not spent much of the money that the campaign raised. Accordingly, we will be providing a very large percentage refund to everyone who contributed.

I love Jersey City, and I will do what I can to benefit it, but I have a responsibility to provide for my family. The reality now is that I need to be working full-time at an income-earning job. I hope you will understand.

Sincerely,

BRET SCHUNDLER