New York City Mayor Eric Adams has announced that he is ending his campaign for a second term, citing mounting financial and political pressures.

"Despite all we've achieved, I cannot continue my reelection campaign," Adams said in an over-eight-minute video address posted on X on Sunday.

"The constant media speculation about my future and the campaign finance board's decision to withhold millions of dollars have undermined my ability to raise the funds needed for a serious campaign."

Reflecting on his four years in office, Adams highlighted what he described as achievements in crime reduction, housing construction, education reform, and lowering costs for working families.

"Although this is the end of my reelection campaign, it is not the end of my public service," said Adams, a former police captain who was elected mayor in 2021.

Mamdani in lead

His exit leaves the race to Republican hopeful Curtis Sliwa and two Democratic candidates: State Assemblyman Zohran Mamdani and former Mayor Andrew Cuomo.

In his statement, Adams issued a veiled criticism of Mamdani, who has zeroed in on the high cost of living by promising regulated rents, free bus travel and daycare to cement his appeal.

"Major change is welcome and necessary, but beware of those who claim the answer (is) to destroy the very system we built together over generations. That is not change, that is chaos," he said.

There were also reports that the Trump administration was considering a job for Adams if he backed out of the election to give Cuomo a better chance of beating Mamdani.

Mamdani is currently leading the polls with a double-digit lead over Cuomo, his nearest rival.