Zohran Mamdani has officially been elected the new mayor of New York City, as Democrats swept the first major elections of Donald Trump’s second term. The victory has drawn mixed reactions from Wall Street, where some are adjusting to the idea of a mayor known for his critiques of the city’s financial elite and his proposal to add a new income tax on salaries above $1 million.
Hedge fund manager Bill Ackman is among those who seem to be taking a practical approach and coming to terms with the new reality, and was among the first to respond publicly to Mamdani’s victory.
Just last week, speaking at the ‘Davos in the Desert’ conference, he had warned that a socialist mayor could endanger New York’s status as the world’s financial center. But Ackman, who supported Donald Trump in 2024 and had predicted Mamdani’s rival Andrew Cuomo’s win in this race, struck a conciliatory tone after the results were announced, posting on X: ‘@ZohranKMamdani, congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do.’
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Chairman emeritus of Evercore and co-founder of BlackRock Ralph Schlosstein also appears to be softening his stance. ‘The turnout is great. Amazing… so a massive credit to him for enthusing the electorate,’ Schlosstein told the Financial Times, adding, ‘He offered hope and opportunity… it’s time for everybody to pull together and help him be as successful as possible.’
He also told Bloomberg that he is pledging to work with Mamdani despite their political differences and is exploring ways to do so, including joining a business advisory group aimed at guiding the mayor-elect. ‘I am certainly not a socialist, having spent 45 years in finance, in the private sector,’ Schlosstein said. ‘I do care deeply about the city, and I’m not going anywhere, whoever the mayor is. I’m going to do whatever I can to help him be successful,’ he added.
According to the New York Times, some in New York’s business community are weighing whether to leave the city following Mamdani’s victory. David Modiano, a managing director at Thales Capital, said he is already looking at homes elsewhere, citing concern over Mamdani’s pro-Palestinian stance and potential tax hikes. The paper also reported that a group of Florida business leaders are preparing to court New York executives, promoting the state’s pro-growth climate, as developers like billionaire Stephen Ross suggest many may now reassess where they can best succeed.
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In June, Mamdani told NBC he doesn’t believe ‘we should have billionaires because, frankly, it is so much money in a moment of such inequality, and ultimately, what we need more of is equality across our city and across our state and across our country.’
It is no surprise such a statement spooked the one per cent, who donated millions of dollars into efforts to stop him over the past year. Billionaires including Michael Bloomberg, Ron Lauder, Bill Ackman, co-founder of Airbnb Joe Gebbia, media mogul Barry Diller, and Walmart heiress Alice Walton poured millions into super PACs backing Andrew Cuomo and opposing Mamdani.
Some business leaders started adopting a more pragmatic view even before the elections, when the prospect of a Mamdani win started becoming more realistic. JPMorgan CEO Jamie Dimon, who once called Mamdani ‘more of a Marxist than a socialist,’ said he was ready to set aside doubts and offer help, while Citigroup’s CEO Jane Fraser expressed hope to work with the mayor-elect to improve the city. Financier Antonio Weiss told the Financial Times that Mamdani had ‘communicated effectively’ and that he himself could ‘support higher taxes’.
President Donald Trump, who had warned he might slash federal funding to New York City if Mamdani won, wrote on social media: ‘And so it begins.’
While Mamdani’s position on the super-rich is clear, he has showed increased willingness to engage with the city’s business community. In the final weeks before Tuesday’s election, he stepped up efforts to build bridges, holding meetings with CEOs, non-profit leaders, and real estate developers, and joining dozens of Zoom calls aimed at reassuring the city’s business elite.
