Zohran Mamdani's victory over Andrew Cuomo in the NYC Democratic mayoral primary has elicited panic from Wall Street figures. Notable investors like Bradley Tusk and Bill Ackman have voiced fears that Mamdani's socialist policies may prompt wealthy individuals to leave New York, likening the situation to economic declines seen in Detroit and Baltimore. Amid these apprehensions, some are rallying behind current Mayor Eric Adams despite his low approval ratings, reflecting a fierce competition for the upcoming election and a potential backlash against Mamdani's progressive agenda.
"This will be a street fight all the way to November," Richard Farley, a partner at the corporate law firm Kramer Levin, said while organizing a fundraiser for Adams.
Bill Ackman stated that socialism has no place in the economic capital of our country, enhancing fears about Mamdani's impact on high taxpayers.
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