With New York City’s Democratic mayoral primary just days away, influential business leaders are voicing alarm over the rising political fortunes of self-described socialist Assemblyman Zohran Mamdani, a development they fear could upend the city’s economic future.
An Emerson College Polling/Pix 11/The Hill survey released Monday shows Mamdani narrowly edging out former Governor Andrew Cuomo in eight rounds of ranked-choice voting, a result that has sent shockwaves through the city’s corporate and political establishment.
‘Disastrous for the City’
Fearing backlash from progressives and Mamdani’s energised base, many in the city’s business elite have remained publicly silent. But behind the scenes, executives warn that a Mamdani administration could be “disastrous” for New York.
“It would be disastrous for the city,” said John Borthwick, founder and CEO of Betaworks, a Manhattan-based tech startup studio. Borthwick met Mamdani during a recent Partnership for New York City meeting and came away deeply concerned.
“He’s a very nice, charming human, but I think he has absolutely no idea what it would take to run a city government,” Borthwick said. “Given the challenges the city faces with the state budget and federal government, they will eat him for breakfast.”
Mamdani’s progressive platform, including free city buses, municipally run grocery stores, and a $30 minimum wage by 2030, has won over many younger and left-leaning voters. But critics in the private sector say these ideas could devastate small businesses and push wealthy residents to flee the city. Billionaire supermarket mogul John Catsimatidis has warned he may shutter his Gristedes grocery chain if Mamdani wins. “I cannot operate under policies that make it impossible to do business,” he reportedly told associates. Florida Governor Ron DeSantis even chimed in, mocking the situation on X: “Just when you thought Palm Beach real estate couldn’t go any higher…”
Queens chamber warns
Tom Grech, president of the Queens Chamber of Commerce, said most of the borough’s small businesses, 90% of which employ fewer than 10 people, would be unable to absorb Mamdani’s proposed $30 minimum wage. “It’s unsustainable,” Grech said. “The average merchant can’t afford a minimum wage increase now. That would kill the bottom line. They’d have to cut employees.”
Mamdani, who was elected to the state Assembly in 2020 after just three years in the workforce, has positioned himself as a champion of economic justice. “In the world’s richest city, making the minimum wage shouldn’t mean living in poverty,” his campaign platform reads. But business leaders say his plans would increase regulatory uncertainty, reduce investment, and stifle entrepreneurship.
One anonymous industry leader compared Mamdani to President Donald Trump, citing the unpredictability of his platform: “It’s almost like Trump in reverse, same chaos, different ideology.” While Mamdani’s support has surged, some in the business community are quietly rooting for Andrew Cuomo, describing him as “the devil they know.” Despite past controversies, many executives view the former governor as more experienced and pragmatic.
Kathryn Wylde, CEO of the Partnership for New York City, said it’s not unusual for business leaders to remain publicly quiet during Democratic primaries, where support from corporate interests can be politically toxic. “Many have some history with Cuomo,” Wylde noted, “and he was looking for their dollars, not their public endorsement.”