Who can defeat Mamdani? New York business leaders remain unsure

With less than four months to go before the mayoral election, New York City's business elite are facing a political dilemma. As Democratic socialist Zohran Mamdani heads into the elections, major players in the city's business community are split on how to block his path to the mayoral post.

Many leaders feel that either Andrew Cuomo or Mayor Eric Adams needs to drop out for the other to have a chance against surprise Democratic mayoral primary winner Mamdani, news agency Reuters reported.

After losing to Mamdani in the Democratic Party primary, Cuomo refused to bow out of the NYC mayoral race, setting up a four-way contest with current Mayor Adams and Republican Curtis Sliwa also in the fray.

Following Cuomo's announcement that he would stay in the race as an independent after losing to Mamdani, New York-based CEOs have yet to coalesce behind either the former governor or incumbent Adams in their bid to defeat Mamdani, according to Reuters.

Several business leaders, speaking anonymously, expressed support for Cuomo, while others favoured Adams, a former police captain elected mayor as a Democrat in 2021 but running as an independent this year, due to doubts about the former's chances, the report stated.

Many leaders are taking a wait-and-watch approach, though others believe that could be a bad move, keeping another candidate from gaining momentum, according to the report.

MAMDANI's TEAM SLAMS CUOMO FOR RUNNING AS INDEPENDENT IN NEW YORK MAYORAL POLL

Mamdani's spokesperson, Jeffrey Lerner, criticised Cuomo over his decision to run for New York City mayor as an independent, accusing him of being hand-in-glove with billionaires.

"While Andrew Cuomo and Eric Adams are tripping over themselves to cut backroom deals with billionaires and Republicans, Zohran Mamdani is focused on making this city more affordable for New Yorkers. That's the choice this November," Lerner told The New York Times.

The 33-year-old Mamdani won the June 24 primary with 56% of the vote, bolstered by young voters drawn to his social media presence and messaging focused on solving the city’s affordability crisis. Polling suggests he would prevail over a fractured field of Cuomo, Adams, and Republican candidate Curtis Sliwa, but some polls indicate Cuomo would win a head-to-head matchup against Mamdani in heavily Democratic New York, Reuters reported.

Business owners worry that Mamdani's plans – such as rent freezes, fare-free public buses, and government-run grocery stores – could raise taxes for residents and drive investment out of the city.

He has also called for a higher minimum wage and a new office to promote small businesses.

Mamdani's promise to freeze rent resonated particularly in Manhattan, where the median monthly rent for a flat sits at a record $4,571.

But flat owners say such a move would make buildings unliveable, Reuters reported last month.

"A four-year rent freeze all but ensures these buildings completely crumble," said Kenny Burgos, chief executive officer of the New York Apartment Association, which represents several thousand property owners and managers.

"I sympathise with folks who have an issue with the cost of rent and the lack of affordability, but there's a conversation to be had on policy that doesn’t ignore the cost," Reuters quoted Burgos as saying.

So far, Mamdani has raised about $820,000 (approximately Rs 6.85 crore) since the primary through July 21, according to the city's campaign finance board.

Few prominent business leaders have publicly come out in support of Mamdani, who has received endorsements from unions that previously backed Cuomo. In recent days, Mamdani met with executives in a meeting organised by the non-profit Partnership for New York City, according to Reuters.

"He did a pretty good job of making the case that he was open to conversations, discussion and learning, and that he wanted to build a coalition that would represent all New Yorkers," Reuters quoted Kathy Wylde, president and chief executive officer of the group, as saying.

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