Business Leaders Rally Behind Mayor Adams Amid Threat from Mamdani

News Summary

New York City’s business elite are backing incumbent Mayor Eric Adams in response to progressive candidate Zohran Mamdani’s surprising primary win over Andrew Cuomo. Prominent figures, including billionaire Bill Ackman, are endorsing Adams as a stronger candidate. Fundraising efforts led by real estate moguls are underway to support Adams against Mamdani’s policies, which concern many in the business community. Contributions from various sectors highlight the significant financial backing Adams is receiving as he aims for reelection while Mamdani pushes for social changes in the city.

New York City – The city’s business elite are uniting in support of incumbent Mayor Eric Adams as a response to the surprising victory of Zohran Mamdani in the recent Democratic Party primary. Mamdani, who emerged victorious against former Governor Andrew Cuomo, has ignited concerns among prominent members of New York City’s business community regarding his progressive policies.

In an effort to prevent Mamdani from winning the general election, significant figures in the business sector, including billionaires like hedge fund manager Bill Ackman, have publicly endorsed Adams. They promote him as the stronger candidate against the increasingly popular democratic socialist Mamdani, who advocates for substantial changes to the city’s housing and tax policies.

Notably, fundraising efforts have already begun, with prominent real estate moguls Kenneth and Maria Fishel cohosting a fundraiser for Adams during the July 4 weekend in the Hamptons. The event gathered over 100 guests from various industries and was aimed at raising millions to bolster Adams’ campaign. Kenneth Fishel indicated that the primary goal of the fundraiser was to ensure that New York remains vibrant, safe, and free from socialist policies.

While the exact amount raised remains to be confirmed, Todd Shapiro, a publicist for Adams’ campaign, highlighted the event as one of the mayor’s most successful fundraising efforts. Following the Fishel’s initiative, other business leaders are planning similar events to show their support for Adams, solidifying a collective front against Mamdani.

The concerns about Mamdani’s proposals are tangible among the city’s business and real estate leaders. His platform, which includes freezing rents on rent-stabilized apartments and increasing income and corporate taxes, raises alarms about the potential economic impacts on the city. In contrast, Adams has made it clear that he opposes significant corporate tax increases and supports streamlined processes for developing affordable housing.

Another high-profile fundraiser is set to take place on Wednesday, hosted by real estate executive Marc Holliday, where attendees are expected to contribute about $2,000 each. In a similar vein, real estate investor Jared Epstein is planning additional fundraising efforts aimed at attracting younger voters through social media platforms. Epstein has criticized Mamdani’s proposals as economically infeasible, advocating instead for Adams’ practical, results-driven approach to leadership.

Numerous donations have already flowed into Adams’ campaign, including sizable contributions from entities within the entertainment sector, such as Madison Square Garden Entertainment, which donated $29,400, and the Dolan family, which contributed $18,000. Additionally, intermediaries from the Real Estate Board of New York have pooled together larger sums for political contributions, advising others within the industry to support Adams.

Several real estate moguls, including Joseph and Jack Cayre, the Gindi family, and Alexander Rovt, have also made significant contributions to his reelection efforts. Polls indicate that Mamdani currently leads in the general election with 35%, followed by Cuomo at 25%, Curtis Sliwa at 14%, and Adams trailing at 11%. Adams’ net approval rating stands at -34%, contrasting with Mamdani’s +4 and Cuomo’s -2 ratings.

In a twist of political strategy, Adams is pursuing reelection as an independent after withdrawing from the Democratic primary due to a federal bribery investigation. As Mamdani campaigns on a platform aimed at reducing the economic burden on New Yorkers through affordable housing and enhanced social services, he has stated that Adams is preoccupied with personal attacks instead of addressing critical issues like rising living costs and rent increases in the city. Meanwhile, Governor Cuomo continues to critique the viability of Adams’ candidacy, urging him to consider withdrawing for the sake of a unified opposition against Mamdani.

Deeper Dive: News & Info About This Topic

HERE Resources

Federal Court Ruling Supports TPS for Haitian Immigrants
Elon Musk’s X Challenges New York’s Stop Hiding Hate Act
Curtis Sliwa Remains Committed to NYC Mayoral Race
Kevin O’Leary Critiques NYC Mayoral Candidate’s Economic Plans
Success Academies Announces Expansion into Florida
Mamdani Proposes Ending Mayoral Control of NYC Schools
New York City Faces Funding Cuts Amid Federal Tax Changes
New York City to Host Inaugural Business & Peace Gala
Businesses Eye Shift to Pennsylvania Amid NYC Political Changes
Bill Ackman Backs Mayor Eric Adams for Re-election

Additional Resources

• New York Daily News
• Wikipedia: 2025 New York City mayoral election
• Politico
• Google Search: Zohran Mamdani
• New York Times
• Encyclopedia Britannica: New York City
• Newsweek
• Google News: Eric Adams
• New York Post
• Google Scholar: 2025 New York City mayoral election