Wall Street’s hefty wager against Zohran Mamdani turned out to be a miscalculation. The wealthy elite of New York poured over $40 million into campaigns to block him from becoming mayor. Now, they find themselves navigating life under his leadership.
Reactions from these business giants vary widely. Some threaten to leave the city, while others lean towards a more practical acceptance. Kathryn Wylde, head of the Partnership for New York City—representing over 300 businesses—describes it as akin to the stages of grief. She’s been facilitating discussions between Mamdani and her members since his victory.
“The Partnership works with whoever wins,” she notes. “Zohran has won resoundingly, so we aim to partner with him on New York’s pressing challenges.”
Mamdani’s campaign centered around the affordability crisis, proposing solutions like a rent freeze and higher taxes—ideas that are generally unpopular amongst business leaders. As she puts it, some executives see his views on “corporate greed” as a direct affront.
During a recent interview, Mamdani expressed intent to tackle the cost of living crisis within his first 100 days. He reiterated his commitment to confronting “corporate greed.” However, raising taxes may require cooperation from the state government.
Wylde highlights that his age—just 34—played a role in the initial skepticism from older executives. “Would you hire someone so young to run a large corporation? The answer was a resounding no,” she remarked.
There’s also an emotional layer to this discourse, especially considering New York’s significant Jewish population. Mamdani’s criticisms of the Israeli government sparked tension during the election, but surprisingly, about a third of Jewish voters backed him, as noted in CNN’s exit poll.
Interestingly, Bill Ackman, one of the billionaire opponents who spent significantly to thwart Mamdani, recently congratulated him. “You have a big responsibility,” he wrote on social media, extending an olive branch and offering help for the city’s challenges.
This shift in attitudes—from opposition to a willingness to cooperate—shows how politics can shift overnight. As Mamdani steps into office, the city’s focus will turn to his proposed initiatives. The road ahead will likely be rocky, but it presents an opportunity for fresh dialogue between divergent viewpoints.
