Zohran Mamdani defeats Cuomo to become NYC’s 1st Muslim, Indian-origin mayor
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Zohran Mamdani was elected the 111th mayor of New York in a historic victory that will put an avowed democratic socialist in charge of the city that serves as the capital of global finance.
Mamdani, a Democrat, received 50.3% of the votes, while former Governor Andrew Cuomo, running as an independent, garnered 41.6% with 88% of the vote counted, according to the Associated Press.
The general election was the culmination of a dramatic political season. Earlier this year, the 34-year-old won the Democratic mayoral primary in a stunning upset over Cuomo, setting the stage for a general election in which the former governor had to run as an independent.
The election marks a striking turnaround in New York’s political landscape. Cuomo, once a dominant figure and a favorite of Wall Street, mounted his independent campaign after the primary loss.
His bid drew millions in outside funding and endorsements from establishment figures such as Bill Clinton and Michael Bloomberg—but the city’s voters ultimately opted for a different vision.
When Mamdani is sworn in on January 1, he will be the youngest person to hold the office in a century, as well as the city’s first Muslim and first South Asian mayor.
His victory cements his status as the face of a new left-wing movement and underscores a profound generational and ideological shift in New York City politics.
Who is Zohran Mamdani, and what are his plans for NYC?
Born in Kampala, Uganda, and raised in Queens, Mamdani represents a cross-section of modern New York’s diversity.
A former rapper turned lawmaker, he became a naturalized US citizen in 2018 and has served in the New York State Assembly since 2021, representing Astoria.
His victory makes him the city’s first Muslim and first Indian American mayor—and one of its youngest.
For supporters, his ascent is both a symbol of New York’s evolving identity and a response to years of dissatisfaction with political inertia and rising inequality.
Mamdani has campaigned on an ambitious platform: freezing rent for rent-stabilized apartments, introducing free public buses, and creating city-owned grocery stores to improve food access.
His agenda has resonated with younger voters and working-class New Yorkers who have felt left behind by the city’s rapid economic transformation.
Why businesses are wary of Mamdani
Wall Street’s skepticism toward Mamdani is rooted in his redistributive economic vision.
Cuomo, who portrayed himself as a bulwark against Trump, accused Mamdani of pursuing an “anti-business agenda that would kill New York.”
Mamdani’s platform includes raising corporate taxes from 7.25% to as high as 11.5%, and increasing income taxes on millionaires by 2 percentage points.
He has also proposed borrowing $70 billion over the next decade to finance large-scale infrastructure and social programs.
Investors and business leaders have warned that such measures could accelerate an ongoing exodus of financial institutions.
The New York Post reported that with Mamdani set to become the mayor, Dallas — whose grab bag of major business moguls has included Ross Perot, Mark Cuban and Jerry Jones — was becoming a major draw for big financial firms that were born and raised in the Big Apple.
Goldman Sachs, for instance, is building a new $500 million Dallas campus expected to house 5,000 employees by 2028.
JPMorgan Chase already employs more staff in Texas than in New York.
Besides, a survey conducted by JL Partners for the Daily Mail found that 9 in 10 New Yorkers said they would consider leaving the city if Mamdani won.
The discontent was especially pronounced among high earners, with 7% of individuals earning more than $250,000 annually stating they would definitely leave.
Real estate professionals told CNN that luxury property buyers have paused purchases amid uncertainty about the city’s fiscal direction.
Mamdani’s campaign has drawn fierce resistance from the city’s business elite.
Political action committees opposing him raised more than $40 million, with donors including prominent real estate figures and executives from finance and tech.
Elon Musk joined the fray, posting on X: “Remember to vote tomorrow in New York. Bear in mind that a vote for Curtis is really a vote for Mumdumi or whatever his name is. Vote Cuomo!”
Extending an olive branch
However, since his primary win, Mamdani has made overtures to the business community, signalling a willingness to find common ground.
Addressing the Association for a Better New York last month, he called for a “deep partnership between the private and public sectors,” and praised aspects of both Michael Bloomberg’s technocratic leadership and Bill de Blasio’s progressive reforms.
Construction industry leaders have also expressed cautious optimism.
Carlo Scissura, president of the New York Building Congress, said after meeting both candidates that “we’ll be fine with either.”
Mamdani, he added, “was clear that he would work with us and would focus on capital construction and doing things to get the economy moving.”
Jamie Dimon, JPMorgan Chase’s CEO, reportedly told colleagues he would “offer my help” if Mamdani took office, underscoring a potential path for cooperation.
What Wall Street will watch next
Financial analysts are divided on what Mamdani’s victory means for markets.
“If Mamdani governs pragmatically, implementing targeted programs while preserving business-friendly frameworks, Wall Street may respond with cautious engagement,” said Christer Holloman, a senior contributor at Forbes.
“However, if he moves aggressively on taxation and regulation—or if his foreign policy stances, particularly around Israel and Palestine, intersect with international business interests—markets could react sharply.”
For now, New York’s new mayor faces a delicate balancing act: delivering on bold promises without alienating the city’s economic base.
His administration will be judged on whether it can maintain growth while advancing social equity—an equation that has challenged generations of New York leaders before him.
The post Zohran Mamdani defeats Cuomo to become NYC's 1st Muslim, Indian-origin mayor appeared first on Invezz
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Zohran Mamdani defeats Cuomo to become NYC’s 1st Muslim, Indian-origin mayor
Share:
Zohran Mamdani was elected the 111th mayor of New York in a historic victory that will put an avowed democratic socialist in charge of the city that serves as the capital of global finance.
Mamdani, a Democrat, received 50.3% of the votes, while former Governor Andrew Cuomo, running as an independent, garnered 41.6% with 88% of the vote counted, according to the Associated Press.
The general election was the culmination of a dramatic political season. Earlier this year, the 34-year-old won the Democratic mayoral primary in a stunning upset over Cuomo, setting the stage for a general election in which the former governor had to run as an independent.
The election marks a striking turnaround in New York’s political landscape. Cuomo, once a dominant figure and a favorite of Wall Street, mounted his independent campaign after the primary loss.
His bid drew millions in outside funding and endorsements from establishment figures such as Bill Clinton and Michael Bloomberg—but the city’s voters ultimately opted for a different vision.
When Mamdani is sworn in on January 1, he will be the youngest person to hold the office in a century, as well as the city’s first Muslim and first South Asian mayor.
His victory cements his status as the face of a new left-wing movement and underscores a profound generational and ideological shift in New York City politics.
Who is Zohran Mamdani, and what are his plans for NYC?
Born in Kampala, Uganda, and raised in Queens, Mamdani represents a cross-section of modern New York’s diversity.
A former rapper turned lawmaker, he became a naturalized US citizen in 2018 and has served in the New York State Assembly since 2021, representing Astoria.
His victory makes him the city’s first Muslim and first Indian American mayor—and one of its youngest.
For supporters, his ascent is both a symbol of New York’s evolving identity and a response to years of dissatisfaction with political inertia and rising inequality.
Mamdani has campaigned on an ambitious platform: freezing rent for rent-stabilized apartments, introducing free public buses, and creating city-owned grocery stores to improve food access.
His agenda has resonated with younger voters and working-class New Yorkers who have felt left behind by the city’s rapid economic transformation.
Why businesses are wary of Mamdani
Wall Street’s skepticism toward Mamdani is rooted in his redistributive economic vision.
Cuomo, who portrayed himself as a bulwark against Trump, accused Mamdani of pursuing an “anti-business agenda that would kill New York.”
Mamdani’s platform includes raising corporate taxes from 7.25% to as high as 11.5%, and increasing income taxes on millionaires by 2 percentage points.
He has also proposed borrowing $70 billion over the next decade to finance large-scale infrastructure and social programs.
Investors and business leaders have warned that such measures could accelerate an ongoing exodus of financial institutions.
The New York Post reported that with Mamdani set to become the mayor, Dallas — whose grab bag of major business moguls has included Ross Perot, Mark Cuban and Jerry Jones — was becoming a major draw for big financial firms that were born and raised in the Big Apple.
Goldman Sachs, for instance, is building a new $500 million Dallas campus expected to house 5,000 employees by 2028.
JPMorgan Chase already employs more staff in Texas than in New York.
Besides, a survey conducted by JL Partners for the Daily Mail found that 9 in 10 New Yorkers said they would consider leaving the city if Mamdani won.
The discontent was especially pronounced among high earners, with 7% of individuals earning more than $250,000 annually stating they would definitely leave.
Real estate professionals told CNN that luxury property buyers have paused purchases amid uncertainty about the city’s fiscal direction.
Mamdani’s campaign has drawn fierce resistance from the city’s business elite.
Political action committees opposing him raised more than $40 million, with donors including prominent real estate figures and executives from finance and tech.
Elon Musk joined the fray, posting on X: “Remember to vote tomorrow in New York. Bear in mind that a vote for Curtis is really a vote for Mumdumi or whatever his name is. Vote Cuomo!”
Extending an olive branch
However, since his primary win, Mamdani has made overtures to the business community, signalling a willingness to find common ground.
Addressing the Association for a Better New York last month, he called for a “deep partnership between the private and public sectors,” and praised aspects of both Michael Bloomberg’s technocratic leadership and Bill de Blasio’s progressive reforms.
Construction industry leaders have also expressed cautious optimism.
Carlo Scissura, president of the New York Building Congress, said after meeting both candidates that “we’ll be fine with either.”
Mamdani, he added, “was clear that he would work with us and would focus on capital construction and doing things to get the economy moving.”
Jamie Dimon, JPMorgan Chase’s CEO, reportedly told colleagues he would “offer my help” if Mamdani took office, underscoring a potential path for cooperation.
What Wall Street will watch next
Financial analysts are divided on what Mamdani’s victory means for markets.
“If Mamdani governs pragmatically, implementing targeted programs while preserving business-friendly frameworks, Wall Street may respond with cautious engagement,” said Christer Holloman, a senior contributor at Forbes.
“However, if he moves aggressively on taxation and regulation—or if his foreign policy stances, particularly around Israel and Palestine, intersect with international business interests—markets could react sharply.”
For now, New York’s new mayor faces a delicate balancing act: delivering on bold promises without alienating the city’s economic base.
His administration will be judged on whether it can maintain growth while advancing social equity—an equation that has challenged generations of New York leaders before him.
The post Zohran Mamdani defeats Cuomo to become NYC's 1st Muslim, Indian-origin mayor appeared first on Invezz
Read More
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