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- Assemblyman Zohran Mamdani, a democratic socialist, is the frontrunner in the NYC mayoral race.Mamdani was asked during a debate how he'd be the mayor to both democratic socialists and Wall Street.His platform includes funding city resources through tax hikes on companies and wealthy residents.
If elected, democratic socialist Zohran Mamdani will be the mayor of all New Yorkers — including Wall Street.
During a mayoral debate with his fellow candidates on Thursday, Mamdani was asked how he'd balance being a mayor of both the Democratic Socialists of America and the center of the finance industry.
"I would be the mayor of this entire city," Mamdani said. "And that means ensuring that the wealth that we generate in this city is also wealth that every single New Yorker can actually feel in their pockets. Because what we have today is a system that has generated the most wealth in the wealthiest country in the history of the world, where one in four of our neighbors are living in poverty. That's unacceptable."
Mamdani said he would be fighting for his neighbors in Queens who own small businesses, like toy stores and dry cleaners, and those who work for them.
"Because right now, all of them are being pushed out of this city by corporate greed, by private equity, and by a politics that refuses to fight for them," he said.
Mamdani shocked New York City this summer when he led the Democratic primary over establishment candidate former Gov. Andrew Cuomo. He was declared the winner on July 1.
The 33-year-old democratic socialist's platform is of concern to some on Wall Street, particularly his aim to add a 2% income tax to those making more than $1 million and his plan to raise corporate taxes to 11.5%.
Mamdani said the tax hikes — an idea that Gov. Kathy Hochul said she would be resistant to — will be used to fund city resources, including public transportation and universal childcare. He added that if he could find the money for his proposals elsewhere, he'd drop the tax increase.
Despite his loss in the primary, Cuomo is still in the race as an independent, and with current Mayor Eric Adams dropping out, Cuomo is consolidating support from New York's elite, including business leaders.
Not everyone on Wall Street is rooting against a Mamdani win in November's general election, and some rank-and-file members are donating to the upstart candidate. Business Insider's Alex Nicoll and Juliana Kaplan reported:
"Almost 80% of higher-earning, front-office workers, like investment bankers or hedge fund managers, donated to Cuomo and affiliated groups. The Mamdani camp won out among nearly every other job function, receiving direct donations from almost 90% of back-office donors like those in operations, human resources, tech, and research."
Mamdani has also engaged with some of the city's tech elites, positioning his progressive agenda through a pragmatic lens.
Some business leaders' views of the assemblyman's proposals range from sharply critical to skeptical.
Billionaire Mark Cuban, who supported former Vice President Kamala Harris' 2024 campaign, previously said Mamdani's campaign promise to freeze rent and develop city-owned grocery stores won't work.
"None of that shit has a chance. Doesn't matter," Cuban said in a talk with "Pod Save America."
Thursday night was the first of two planned debates.
