New York City Hall: The Subtle Outreach of the Socialist Favorite to the Business Community

One of the key aspects of Zohran Mamdani's campaign, a self-identified socialist and frontrunner in the municipal election in New York City on Tuesday, has been to reassure the business community in the economic and financial capital of the United States.

"I don’t think we should have billionaires," the candidate stated during the campaign for the Democratic primary, which he won in June. Since then, he has quietly increased his meetings with business leaders.

Having transitioned from being virtually unknown to a potential mayor of the largest city in the country in just a few months, Zohran Mamdani has built his platform against the rising cost of living around three key proposals: regulated rents, free buses, and free childcare.

This has made him a near-daily target for right-leaning media outlets, such as Fox News and the New York Post tabloid, and especially for President Donald Trump, who labels the social democrat as a "communist."

By July, however, Zohran Mamdani had participated in two meetings organized by the Partnership for New York City, an economic and financial advocacy group whose board includes JPMorgan CEO Jamie Dimon.

The candidate "talks to a lot of people, he has convinced many that he will change and that he wants to learn," Dimon commented to Fortune magazine, offering his "help" if the Democrat, whose lead in polls is estimated between 4.5 and 16 points, is elected.

"Everything will be fine" -

As mayor, Zohran Mamdani will also have to deal with another center of power: the capital of New York State, Albany, which approves certain tax measures. However, Democratic Governor Kathy Hochul, classified as centrist, has been critical of his idea to impose a 2% tax on incomes over one million dollars.

Speaking last month to a real estate advocacy group in New York, Zohran Mamdani promised to "assess things on their merits" rather than on ideological criteria.

Addressing the Better New York Association, the 34-year-old candidate emphasized the role of businesses in housing construction and praised a "deep partnership between the private and public sectors."

"Mamdani has been clear that he would work with us and focus on investment projects and actions to revive the economy," commented Carlo Scissura, president of the New York Building Congress, to AFP.

Industry leaders concluded that "everything will be fine" with Zohran Mamdani as mayor, just as with his main rival, centrist Andrew Cuomo, Scissura added.

Another point of contention is the Democratic candidate's shift in rhetoric regarding law enforcement, apologizing for previously calling to "cut funding" for a police force he deemed "racist and anti-LGBT."

The Partnership for New York City characterized his decision to retain the current police chief, Jessica Tisch, as an "important signal to the business community that his administration will not roll back the city’s progress in reducing crime."

Some of the wealthiest individuals in this city of 8.5 million residents, home to many billionaires, remain hostile towards Zohran Mamdani, including Michael Bloomberg, hedge fund moguls Bill Ackman and Dan Loeb, and media executive Barry Diller, who are financially backing Andrew Cuomo.

Among the reasons for the distrust from these Israel supporters is the candidate’s pro-Palestinian stance, labeling the Israeli state as an "apartheid regime" and the war in Gaza as "genocide."

Amid these reservations, few voices are emerging in support of Zohran Mamdani’s project.

"People are not leaving New York because their taxes are too high," said Morris Pearl, former head of asset management firm BlackRock, now leading the Patriotic Millionaires advocating for greater tax justice. "People are leaving New York because they can’t afford their rent."

AFP