News Summary

New York City’s mayoral race is heating up as candidate Zohran Mamdani gains traction among young voters after winning the Democratic primary. Business leaders are divided over whom to support, raising concerns about Mamdani’s tax proposals and housing initiatives. With the general election nearing, the city’s business community is uncertain about backing either Mamdani, Mayor Eric Adams, or former Governor Andrew Cuomo, who has declared an independent run after his primary defeat. As election day approaches, public sentiment remains complex and challenging for all candidates.

New York City Business Leaders Split Over Support for Mayoral Candidates Amid Concerns About Zohran Mamdani’s Policies

New York City is facing a tumultuous mayoral race as candidate Zohran Mamdani has emerged victorious in the Democratic primary, securing 56% of the vote on June 24, 2025. His election drew considerable support from young voters, fueled by a robust social media campaign. However, with the general election approaching in November, many in the business community are uncertain about which candidate to back—either Mamdani or his rivals, Mayor Eric Adams and former Governor Andrew Cuomo.

Mamdani’s ambitious proposals have incited both enthusiasm and skepticism. His platform includes plans for rent freezes, free city buses, and establishing city-owned grocery stores. These initiatives aim to be funded through increased corporate taxes and a new 2% income tax on high earners, specifically those making over $1 million annually. Estimates suggest that these tax increases could generate $5 billion from corporate hikes and an additional $4 billion from the proposed millionaire tax.

Despite Mamdani’s growing popularity, there is a discernible division among New York City’s business leaders. Many firmly believe that either Cuomo or Adams must withdraw their candidacies to increase the odds of defeating Mamdani. While Cuomo, after his primary loss, has declared an intention to run as an independent and will consider withdrawing by September if he does not become the clear favorite, some business leaders have voiced support for him. However, others have rallied behind Adams, revealing a lack of consensus within the business sector regarding the best candidate to mount a strong challenge against Mamdani.

Concerns about Mamdani’s tax proposals have been expressed widely among business owners, who fear that increased taxes could drive significant capital out of the city. Some critics argue that Mamdani’s plan for rent freezes could exacerbate the city’s housing crisis, as landlords might opt to leave apartments unoccupied rather than face repair costs due to stagnant rental prices that prevent necessary increases.

In terms of campaign funding, Mamdani has reportedly raised approximately $820,000 since the primary, while Adams leads with about $1.5 million raised since June 10. In contrast, Cuomo has only managed to gather $64,000 during this period. Despite Mamdani’s significant fundraising achievements and endorsements from key Democratic figures like City Comptroller Brad Lander and US Representative Jerry Nadler, several influential business leaders have yet to publicly support him, emphasizing the divide within the business community.

Mamdani’s policies also include a target of constructing 200,000 new affordable housing units within ten years and freezing rent increases on rent-stabilized apartments. His proposal for free bus services, which has been piloted successfully, has resulted in a notable increase in public transit ridership.

Despite Mamdani’s initiatives for collaboration, skepticism lingers among influential finance and real estate sectors about his commitment to addressing the needs of all New Yorkers. During a recent meeting with executives organized by the Partnership for New York City, Mamdani expressed interest in forging a coalition aimed at representing diverse New York communities. Additionally, while Mamdani has assured that he does not intend to defund the police, he proposes a redirection of resources within the existing framework.

As the election date draws closer, Mamdani is returning to New York City following a marriage celebration in Uganda. He faces formidable opponents in Adams, Cuomo, and Republican Curtis Sliwa, who is trailing in the polls. Given the polarized opinions among New York City’s business circles and the complex landscape of voter sentiment, Mamdani’s path to the mayor’s office remains challenging.

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Additional Resources

• CNN
• Newsweek
• The New York Times
• Wikipedia: New York City mayoral election, 2025
• Google Search: Zohran Mamdani