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| New York mayoral candidate, State Rep. Zohran Mamdani (D-NY) speaks to supporters during an election night gathering at The Greats of Craft LIC on June 24, 2025 in the Long Island City neighborhood of the Queens borough in New York City. |
Wall Street and billionaires are raging over the sudden and shocking win for Zohran Mamdani, a democratic socialist who might actually win the New York City Mayor's job.
After Andrew Cuomo's disgraceful fall last year, it would have been a miracle of the Hudson Part 2 for that man to come back from the stains of his past.
Mamdani runs counter-culture to Wall Street's love affair with capitalism and greed. At 33 years old, he has supported taxing the ultra-wealthy, financial transactions, and passive income like those treasured dividends.
That's right.
From CNBC today:
Hedge fund magnate Bill Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.
Lawrence Summers, the former Treasury Secretary and president of Harvard University, also expressed his distaste Mamdani’s nomination.
“I am profoundly alarmed about the future of the [Democratic National Committee] and the country, by yesterday’s NYC anointment of a candidate who failed to disavow a ‘globalize the intifada’ slogan and advocated Trotskyite economic policies,” Summers said in a post on X.
Part of the stock market has already felt the pain from the prospect of a Mamdani-led NYC. Shares of New York regional bank Flagstar, with exposure to the New York real estate market, sank nearly 4% Wednesday. Office-focused real estate stocks also suffered, with SL Green Realty down more than 6% and Vornado Realty Trust down nearly 7%.
Mamdani advocates for universal rent control, and the New York City mayor has the power to appoint representatives to the regulatory board that oversees rent-controlled and rent-stabilized apartments. A pause on rent increases would hurt the profits of multi-family rental properties.
Roughly one million New York City apartments are rent stabilized but only about 20,000 are still rent controlled.
“It appears that NYC is electing to commit suicide by Mayor,” Jim Bianco, president and macro strategist at Bianco Research, said in a post on X Tuesday evening.
With the departure of Mayor DeBlasio after 8 years, people are saying New York is strong.
We'll watch as the political fronts of New York open up to a new candidate that doesn't pander to the rich elites.
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