NEW YORK — Mayor-elect Zohran Mamdani is stepping into a challenging arena, one where the business elite have traditionally held sway. Nevertheless, before you start packing up the moving vans, it seems the city’s power brokers are taking a cautiously optimistic stance toward this young democratic socialist.
The city’s financial titans are eyeing Mamdani warily—he’s the candidate who proposes higher taxes, quotes labor activist Eugene Debs, and firmly believes billionaires should not exist. This is a refreshing perspective for some, but it does leave many business leaders feeling a bit queasy.
Kathy Wylde, president of the business-friendly Partnership for New York City, likened the evolving relationship with the mayor-elect to the seven stages of grief. “We’re moving toward acceptance,” she remarked, though it’s clear some are still in the denial phase.
Despite the skepticism, contingency plans are being hatched among the city’s wealthiest as they contemplate how best to engage with their new mayor. John Catsimatidis, billionaire oil magnate and grocery mogul, expressed his reservations bluntly, saying, “Watch your ass, you’re in combat,” and dismissively referring to Mamdani as a “young kid” with no real managerial experience. “If he came in with a job application, I wouldn’t hire him to run a supermarket,” he added, suggesting a readiness to scale back his New York footprint.
The stakes are undeniably high as Mamdani prepares to lead a city of 8.5 million residents—an economic powerhouse that houses many of the world’s richest individuals. These business leaders, accustomed to the more amenable approaches of past mayors like Michael Bloomberg and Eric Adams, now find themselves grappling with a leader who threatens to disrupt the status quo.
With ambitions to raise taxes on corporations and the ultra-wealthy to fund initiatives like universal child care and improved public transit, Mamdani’s platform echoes the far-left ideologies championed by figures like Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders—anathema to New York’s entrenched capitalists.
The city’s affluent class poured millions into super PACs attempting to thwart Mamdani’s insurgent campaign, which resonated with voters frustrated by the soaring cost of living. Remarkably, he triumphed with a grassroots effort bolstered by a legion of volunteers and modest donations.
This week, Mamdani indicated his willingness to engage with major corporate leaders, explicitly mentioning JPMorgan Chase CEO Jamie Dimon in his remarks. “It is critically important that we start to embody a style of leadership that does not demand agreement across every single issue,” he stated. “In order to even have a conversation, we need to be able to deliver for New Yorkers. That means meeting with everyone, even those with whom we disagree.”
Business tycoons are now banking on New York’s moderate Democratic governor, Kathy Hochul, to act as a buffer against Mamdani’s tax hikes. Some have already sought meetings to gauge whether the untested mayor-elect will adhere strictly to his ideological positions or entertain compromise.
Wylde sees Hochul as a potential safeguard, stating that the governor has successfully reassured the business community that she will resist any extreme tax measures. “The governor has done a great job of reassuring the business community since the primary that she will not allow anything crazy on taxes,” Wylde said, highlighting the importance of maintaining New York’s competitive edge.
Real estate professionals are also taking comfort in Mamdani’s collaboration with seasoned City Hall veterans like Maria Torres-Springer and Dan Garodnick, who have successfully navigated the industry in the past. Others note that Mamdani’s focus on alleviating landlord costs aligns with his campaign promise of a multi-year rent freeze.
“There isn’t going to be an exodus of people,” said MaryAnne Gilmartin, CEO of MAG Partners and a member of the Real Estate Board of New York. “There are definitely people that are going to leave, but I don’t think that’s going to be a trend if the city remains safe and prosperous.” She emphasized the importance of Mamdani attending to the city’s economic health.
Even those who invested heavily in efforts to defeat Mamdani are conceding that his focus on cost-of-living issues resonated with the electorate. Scott Rechler, a prominent developer, stated he is “ready to work” with the mayor-elect, despite having previously supported a rival candidate. Meanwhile, Vornado Realty Trust CEO Steven Roth expressed optimism, stating he hasn’t observed any decline in demand due to Mamdani’s election.
Bill Ackman, a hedge fund mogul known for his significant political contributions against Mamdani, congratulated him publicly on election night, offering his assistance for the good of New York City. “Mamdani won a decisive election,” he remarked, acknowledging the reality of the situation.
Dimon, who reportedly reached out to Mamdani shortly after his election, shared insights from his extensive experience with political leaders, suggesting that leadership can be a learning process. “I’ve seen a lot of mayors, governors, political leaders—some grow into the job, and some don’t,” he said, expressing hope that Mamdani will prioritize the well-being of New Yorkers.
Antonio Weiss, a former Treasury official, noted that Mamdani is “substantive on policy yet open to learning more,” indicating that the mayor-elect is making strides to broaden his coalition by engaging with diverse perspectives.
When he launched his campaign as a relatively unknown state lawmaker, Mamdani’s platforms—such as free public buses and rent freezes—were bold statements intended to signal his commitment to transformative change. However, some speculate that his ultimate policies may adopt a more pragmatic approach as he navigates the complexities of governance.
“What he’s signaling,” said Tom Wright of the Regional Plan Association, “is he wants to fix the problem.”
Sam Sutton contributed to this report.
