New York Mayoral Race: Business Leaders Debate Support for Cuomo or Adams
Mamdani's victory in the Democratic primary leaves business owners divided on opposition strategy.
In New York City, a heated debate is unfolding among local business leaders over who to support in November’s mayoral race.
The focus centers around either former Governor Andrew Cuomo or current Mayor Eric Adams stepping aside to bolster their chances against Zohran Mamdani, the unexpected winner of the Democratic primary held in June.
Mamdani, a Democratic socialist, secured 56 percent of the vote with a campaign focused on addressing the city’s affordability crisis and garnered support from young voters through his social media presence.Business leaders are concerned about Mamdani's policy proposals, including rent freezes, free city buses, and city-owned grocery stores, fearing these measures could lead to increased taxes and capital flight.
Mamdani plans to fund these initiatives by raising corporate taxes and imposing an additional 2 percent income tax on individuals earning over $1 million annually.
Despite concerns, Mamdani maintains that he is open to discussions and coalition building with various stakeholders.The lack of consensus among business leaders has led many to adopt a wait-and-see approach, unsure whether to throw their support behind Cuomo or Adams.
Some have expressed a preference for either candidate while others remain undecided, with many echoing the sentiment of 'Anyone But Zohran.' Both Cuomo and Adams have been actively seeking endorsements and financial support from the business community.Cuomo, who has raised only $64,000 since June 10, has stated that he will drop out if he's not seen as a clear favorite by September.
In contrast, Adams has amassed roughly $1.5 million in campaign funds since June 10.
He recently received support from social media endorsements by influential hedge fund managers and has been endorsed by 13 police unions.The race for New York City’s mayoral seat is expected to be challenging given Mamdani's lead in the primary, although polls suggest that a head-to-head matchup between him and either Cuomo or Adams could lean in favor of Mamdani.
The business community is now faced with the strategic decision of when and who to support in order to effectively oppose Mamdani’s mayoral bid.
The focus centers around either former Governor Andrew Cuomo or current Mayor Eric Adams stepping aside to bolster their chances against Zohran Mamdani, the unexpected winner of the Democratic primary held in June.
Mamdani, a Democratic socialist, secured 56 percent of the vote with a campaign focused on addressing the city’s affordability crisis and garnered support from young voters through his social media presence.Business leaders are concerned about Mamdani's policy proposals, including rent freezes, free city buses, and city-owned grocery stores, fearing these measures could lead to increased taxes and capital flight.
Mamdani plans to fund these initiatives by raising corporate taxes and imposing an additional 2 percent income tax on individuals earning over $1 million annually.
Despite concerns, Mamdani maintains that he is open to discussions and coalition building with various stakeholders.The lack of consensus among business leaders has led many to adopt a wait-and-see approach, unsure whether to throw their support behind Cuomo or Adams.
Some have expressed a preference for either candidate while others remain undecided, with many echoing the sentiment of 'Anyone But Zohran.' Both Cuomo and Adams have been actively seeking endorsements and financial support from the business community.Cuomo, who has raised only $64,000 since June 10, has stated that he will drop out if he's not seen as a clear favorite by September.
In contrast, Adams has amassed roughly $1.5 million in campaign funds since June 10.
He recently received support from social media endorsements by influential hedge fund managers and has been endorsed by 13 police unions.The race for New York City’s mayoral seat is expected to be challenging given Mamdani's lead in the primary, although polls suggest that a head-to-head matchup between him and either Cuomo or Adams could lean in favor of Mamdani.
The business community is now faced with the strategic decision of when and who to support in order to effectively oppose Mamdani’s mayoral bid.
