Zohran Mamdani, a 34-year-old democratic socialist, won New York City's mayoral election on November 4, 2025. His affordability agenda — including higher taxes on corporations and top earners to help fund universal child care and free buses — drew more than $40 million in opposition spending from business interests even as some executives now signal a willingness to work with his incoming administration.
New York’s business community is recalibrating after the election of Zohran Mamdani, a state assemblymember and democratic socialist whose victory makes him the city’s first Muslim mayor and its youngest in more than a century. The Associated Press called the race on November 4; Mamdani will take office on January 1, 2026. He campaigned on tackling the city’s cost‑of‑living crisis with policies such as a rent freeze for stabilized units, universal child care and fare‑free buses, financed in part by higher taxes on corporations and high‑income residents. (apnews.com)
Business groups spent heavily to try to block his rise. NPR reported that New York CEOs and other wealthy donors poured more than $40 million into efforts opposing Mamdani during the campaign — spending that failed to prevent his win. (nprillinois.org)
Some leaders are already shifting toward engagement. Kathryn Wylde, president of the Partnership for New York City, described members’ reactions as moving through “the stages of grief,” but added that her group — which represents more than 300 large employers — would seek to partner with the mayor‑elect on the city’s challenges. (nprillinois.org)
Skepticism remains among prominent tycoons. Billionaire John Catsimatidis, whose Red Apple Group owns Gristedes and D’Agostino’s, blasted Mamdani’s government‑run grocery proposal and has floated relocating or selling parts of his New York business footprint. After the election he vented in a widely picked‑up interview, and earlier this year he warned he could move operations if Mamdani won. (nypost.com)
Reports of post‑election relocation interest are mostly anecdotal so far. A Palm Beach luxury realtor said on TikTok that inquiries from wealthy New Yorkers spiked the morning after the vote, according to the Daily Wire. Meanwhile, Boca Raton Mayor Scott Singer told WPBF that he received “inbound calls of businesses looking to leave New York to come to our low‑tax, safe, vibrant community” and noted the city had already placed recruitment ads in Times Square. (dailywire.com)
Mamdani has signaled he wants dialogue with finance and corporate leaders. In remarks highlighted by Business Insider, he said he looks forward to meeting JPMorgan Chase CEO Jamie Dimon and others concerned about the city’s future. Dimon, in a CNN interview, took a wait‑and‑see approach, saying many leaders “grow into the job” and that he would help “any mayor” where productive. (businessinsider.com)
Some high‑profile opponents also extended an olive branch. Hedge fund manager Bill Ackman, who spent heavily against Mamdani this cycle, congratulated the mayor‑elect on X and wrote, “If I can help NYC, just let me know what I can do.” (businessinsider.com)
Real estate leaders offered mixed notes. Vornado Realty Trust CEO Steven Roth told investors on Election Day he is “an optimist” and has not seen demand pull back due to the prospect of a Mamdani administration. Other developers said they would try to find common ground even as they warned against a rent freeze. (bisnow.com)
Whether Mamdani can enact his marquee tax proposals will hinge on Albany. Raising city income or corporate taxes requires state approval, and Governor Kathy Hochul has repeatedly resisted new broad‑based tax hikes — a stance that makes her an important check on the city’s plans. Time and City & State note that, despite progressive pressure, Hochul has treated such increases as a nonstarter in recent budget fights. NPR likewise underscored that Mamdani cannot raise taxes without the state. (time.com)
The mayor‑elect has vowed a brisk start. Speaking the day after the election, he pledged that his first 100 days would deliver “concrete and substantive actions” on the cost‑of‑living crunch and called out “corporate greed,” while also saying he would meet with anyone committed to the city’s vitality. (nprillinois.org)
Progressives including Sen. Bernie Sanders and Rep. Alexandria Ocasio‑Cortez backed Mamdani’s run, but the months ahead will test his ability to translate campaign promises into policy alongside wary business leaders who — for now — appear split between contingency planning and cautious collaboration. (theguardian.com)
