News Summary
New York City’s mayoral race is undergoing notable changes following Eric Adams’ withdrawal from the re-election campaign. Business leaders are increasingly supporting Zohran Mamdani, who leads in the polls despite some of his proposals conflicting with real estate interests. The emphasis is on creating affordable policies, with various groups forming advisory committees to assist Mamdani’s candidacy. Although concerns remain among certain executives regarding Mamdani’s lack of experience and public safety, many are cautiously optimistic about his potential to reshape the city’s economic landscape.
New York City is seeing significant shifts in the mayoral race following the recent withdrawal of Eric Adams from the re-election campaign. Business leaders are pivoting their support toward Zohran Mamdani, who is currently leading in the polls by double digits. The president of the Real Estate Board of New York (REBNY) has publicly expressed a willingness to collaborate with Mamdani if he is elected mayor on November 4.
James Whelan, president of REBNY, indicated that their organization is ready to work closely with Mamdani. This comes as many real estate executives are aligning with Mamdani’s platform, even though some of his proposals—such as freezing rents in rent-regulated apartments and increasing taxes on wealthy New Yorkers and corporations—conflict with their business interests.
Business leaders are increasingly recognizing Mamdani’s potential for victory and are keen to establish relationships with him. Kathryn Wylde, CEO of the Partnership for New York City, suggested that the majority of business leaders are interested in assisting Mamdani to create more affordable and equitable policies for the city. An independent expenditure group supporting Mamdani, known as OneNYC, is forming a business advisory committee that will include influential figures such as Andrew Milgram and Kevin Ryan.
While some members of the Manhattan Chamber of Commerce are still hopeful for an alternative candidate, others are preparing for Mamdani’s administration by outlining strategies aimed at supporting small businesses. Chamber President Jessica Walker emphasized the necessity for a clear economic plan that focuses on public safety, reducing bureaucratic hurdles for small businesses, and conveying a message that New York City is open for business.
However, a minority of business leaders remains concerned about Mamdani’s candidacy, particularly among owners of rent-regulated properties, older Jewish executives wary of Mamdani’s pro-Palestinian stance, and hedge fund executives facing possible tax hikes. These concerns have led to unease regarding Mamdani’s lack of executive experience, especially regarding potential key appointments, including the police commissioner, which is a significant issue among business leaders.
Public safety remains a primary concern in discussions among business circles, as various organizations prepare to engage with the next mayor on issues related to the restaurant and nightlife sectors while opposing policies that may negatively impact small businesses.
Adams’ abrupt withdrawal from the mayoral race follows a tumultuous political climate characterized by declining popularity and allegations of corruption. He recently announced the end of his campaign amid widespread media speculation and an eventual loss of public funding. Adams described the political atmosphere as chaotic, cautioning against those who seek to undermine the established system.
While Adams did not formally endorse any candidate during his withdrawal, his comments were widely interpreted as being directed at Mamdani. In response to the criticisms from Adams, Mamdani proposed a vision for a more affordable New York City, positioning himself as a contender who can address the pressing issues of the city effectively.
Despite stepping back from the mayoral race, Eric Adams will remain on the ballot and complete his term, which concludes on January 1. His decision to run as an independent reflects the challenges he faces within the Democratic Party.
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Additional Resources
- The New York Times
- Google Search: New York City mayor election 2025
- CNN
- BBC News
- Fortune
- Encyclopedia Britannica: New York City
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
