Independent Report – The business community in New York City is currently facing uncertainty about whom to support in the upcoming mayoral election in November. The primary race has taken an unexpected turn with Zohran Mamdani, a Democratic socialist. Emerging as the frontrunner after winning the June primary. This development has left many business leaders divided over their opposition strategy. Particularly regarding whether Andrew Cuomo or the current Mayor Eric Adams should step aside to improve the chances of defeating Mamdani in the mayoral race.
After Cuomo announced that he would continue his campaign as an independent candidate despite losing the Democratic primary to Mamdani. Business executives have struggled to unite behind either Cuomo or Adams. Mamdani’s victory caught many off guard, as his campaign has gained traction especially among younger voters attracted to his active social media presence. And also his focus on addressing New York City’s pressing affordability issues.
Some business leaders, speaking on condition of anonymity, have expressed their preference for Cuom. Believing he has a better chance of beating Mamdani. Others, however, support Adams, who was elected mayor as a Democrat in 2021 but chose to run as an independent this year. There are also those taking a cautious approach, waiting to see how the race develops before publicly endorsing anyone. This hesitation worries some in the business community. Who fear that indecision may weaken the opposition and allow Mamdani to gain even more momentum.
Also Read : US Forest Service Faces Staffing Challenges in Wildfire Season
Mamdani secured 56% of the vote in the Democratic primary and is now seen by many as the likely winner in the general election if the opposition remains fragmented. Polls indicate that while Mamdani would probably defeat a divided field of candidates including Cuomo, Adams. And also the Republican nominee Curtis Sliwa, some surveys suggest Cuomo might beat Mamdani in a one-on-one race. Given New York’s heavily Democratic voter base.
Business leaders are concerned about Mamdani’s policy proposals. Which include rent freezes, free public transportation, and the creation of city-owned grocery stores. They fear these plans would increase the tax burden on residents and potentially drive away business investment and capital from the city. Mamdani, however, maintains that his agenda, which also features free childcare, would be funded by raising corporate taxes and imposing an additional 2% income tax on New Yorkers earning over $1 million annually.
Jared Epstein, president of Aurora Capital Associates, a real estate development firm, summed up the dilemma faced by many in the business world. He said he could only vote for one candidate in November but had yet to decide who that would be. For now, his stance was clear: “Anyone but Zohran.” Epstein’s words reflect a common sentiment among business leaders who are uneasy with Mamdani’s left-leaning policies.
Since the primary, Mamdani has raised approximately $820,000, but he has not received significant public endorsements from prominent business figures. Instead, his support base includes unions that previously backed Cuomo. Recently, Mamdani met with executives during a meeting arranged by the nonprofit Partnership for New York City. According to Kathy Wylde, the group’s president and CEO, Mamdani demonstrated a willingness to engage in dialogue. And also build a coalition representing all New Yorkers.
Cuomo has indicated that he plans to drop out of the race by September if he does not become the clear frontrunner. However, state law prevents his name from being removed from the ballot. Since June 10, Cuomo has raised only a modest sum of $64,000, signaling challenges in sustaining his campaign.
In contrast, Adams has raised about $1.5 million in the same period. Supporters of Adams include Maria and Kenneth Fishel, owners of Renaissance Properties, a luxury real estate firm. Who hosted a fundraiser for him in the Hamptons over the Fourth of July weekend. Adams has also garnered backing from notable hedge fund managers Bill Ackman and Daniel Loeb. They enjoys endorsements from thirteen police unions, bolstering his appeal to voters concerned with law and order.
Whitney Tilson, a hedge fund manager who briefly ran in the Democratic primary and received less than 1% of the vote. Suggested that a clearer opposition strategy might emerge closer to the election date. He believes that only when it becomes apparent who is best positioned to defeat Mamdani should the other candidates consider dropping out to avoid splitting the vote.
Neither Cuomo’s nor Mamdani’s campaign teams responded to requests for comments on the ongoing political situation. Meanwhile, Todd Shapiro, spokesperson for Mayor Adams, emphasized that Adams has strengthened New York City’s recovery post-pandemic and will continue to deliver positive results for the business community.
On the Republican side, Curtis Sliwa trails behind both Mamdani and Cuomo in the polls but has stated that he does not plan to exit the race. Sliwa previously ran for mayor in 2021, earning 27.8% of the vote, and seems intent on remaining a contender despite the crowded and competitive field.
As the election draws nearer, New York’s business leaders remain divided, with no consensus on the best path forward. Their decision will be crucial in determining whether the city elects a traditional centrist or moves toward the more progressive policies championed by Mamdani.
Also Read : Docking into the Future: Power-Packed Stations Workspaces
