When Zohran Mamdani was declared the next mayor of New York City, it marked more than just a political victory, it also hinted at a dramatic shift in the city’s power dynamics.
The 34-year-old Democrat, known for his bold economic policies, had faced fierce opposition from some of the richest people in America. Though millions were spent to stop him, Mamdani won, and now, some of those same billionaires are changing their tune.
Why billionaires hate him?
One of the most attractive aspects of his campaign was the economic policy. His plans to freeze rents, offer free public buses, provide universal childcare, and raise taxes on the wealthiest 1% drew both applause and outrage.
He also vowed to restructure the city’s property tax system, shifting the burden away from working-class neighbourhoods toward “richer and whiter” areas.
Many in the city’s elite saw it as an attack on their wealth and influence. Billionaires such as Bill Ackman and other powerful real estate figures poured millions into campaigns to stop him from winning and viewed his agenda as a direct threat to the status quo that had long favoured them.
Is there a shift in attitude for billionaires?
The tone from the city’s wealthiest has softened since election night. With Mamdani’s victory now a reality, several billionaires are extending olive branches. Bill Ackman took to X to congratulate him. “Now you have a big responsibility,” Ackman wrote. “If I can help NYC, just let me know what I can do.”
Jamie Dimon, CEO of JPMorgan Chase, who had previously described Mamdani as “more Marxist than socialist,” also opened up about his willingness to cooperate. “If he becomes mayor, I will call him and offer my help,” Dimon said.
Crypto billionaire Mike Novogratz offered a similar sentiment, adding that Mamdani was speaking to genuine issues facing the city. He also requested other business leaders to engage, saying that Mamdani “is tapping into a message that is real: that we’ve got a tale of two cities… and can you address the affordability issue in creative ways without driving business out.”
Mamdani’s response to opposition
On election night, Mamdani did not hold back. Speaking to a cheering crowd, he took aim at the wealthy donors who had backed his opponents.
“Tens of millions of dollars have been spent to redefine reality and to convince our neighbours that this new age is something that should frighten them,” he said.
He accused the billionaire class of pitting workers against each other to maintain their control. “They want the people to fight amongst ourselves so that we remain distracted from the work of remaking a long, broken system,” Mamdani declared.
“They can play by the same rules as the rest of us,” he added
While Mamdani prepares to take office, not everyone is embracing his leadership. President Donald Trump, who endorsed Andrew Cuomo, warned that he might withhold federal funds from New York City under Mamdani’s leadership. “It’s going to be hard for me as president to give a lot of money to New York,” Trump said.
“Because if you have a communist running New York, all you’re doing is wasting the money you’re sending there.” Mamdani, however, dismissed Trump’s warning. “It is a threat. It is not the law,” he said, standing firm against federal intimidation.