Wall Street and the broader finance industry have expressed significant concerns about the prospect of frontrunner Zohran Mamdani becoming New York City’s next mayor. Despite these misgivings, many financial leaders are preparing to work with him if he wins.
Mamdani’s policy proposals include raising taxes on the city’s wealthiest residents, increasing the corporate tax, freezing stabilized apartment rental rates, and expanding publicly subsidized housing. These measures have raised fears that New York City’s competitiveness could decline under his leadership.
Cromwell Coulson, CEO of OTC Markets Group, said that while Mamdani’s ideas are “well-intentioned,” they could drive businesses away if the city becomes less friendly to commerce. Coulson, who supports Mamdani’s rival Andrew Cuomo, noted that hiring decisions could shift away from New York if the business environment worsens.
Other finance executives, speaking anonymously, echoed similar concerns. Peter Orszag, CEO of Lazard and former budget director under President Barack Obama, said he hoped the next mayor—regardless of who wins—recognizes the importance of the business community to the city’s health.
High-profile investors have been funding efforts to oppose Mamdani. Bill Ackman criticized his “anti-business policies,” claiming they would cost jobs and drive companies out of the city. Ackman has donated $1 million to Defend NYC and $750,000 to Fix the City, groups campaigning against Mamdani. Dan Loeb has contributed $600,000 to Fix the City and $100,000 to Defend NYC.
Despite the opposition, Mamdani is heavily favored to win, with betting markets giving him about a 95% chance of victory. As a result, financial leaders are shifting focus toward collaboration. Mamdani has already met with CEOs through the Partnership for New York City, whose members include major banks, private equity firms, and law firms. He also spoke with JPMorgan Chase CEO Jamie Dimon, who reportedly offered support if Mamdani becomes mayor.
Yasser Salem, CEO of OneNYC, which backs Mamdani, said an advisory council of business leaders is being formed to foster trust and cooperation.
While the New York City mayor does not directly oversee Wall Street, the position heavily influences the city’s business climate. Governor Kathy Hochul, who endorsed Mamdani, emphasized the importance of maintaining New York’s status as a global financial hub.
Political experts note that any proposed tax hikes would require approval from state lawmakers in Albany, meaning such changes could face long delays or fail to materialize.
In real estate, Mamdani’s proposal to freeze rent on stabilized apartments has unsettled landlords and lenders. Paul Rahimian, CEO of Parkview Financial, said his firm is holding off on new real estate loans in New York until after the election, citing uncertainty. Isaac Toledano, CEO of BH Group, predicted that if Mamdani wins, 2026 could see an increase in relocations from New York to Florida by those opposed to his policies.
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