"President Donald Trump has endorsed former New York Governor Andrew Cuomo for mayor, calling on New Yorkers to defeat "Communist" Zohran Mamdani in a post on Truth Social. But in my conversations with business leaders over the past few weeks, I've sensed a more nuanced stance on the 34-year-old Democratic Socialist who's now leading in the polls."
"Mamdani has said he can raise $10 billion through a 2% income tax surcharge on salaries over $1 million, raising the state's top corporate tax rate to 11.5%, transforming procurement and collecting almost $700 million that the city is owed. But Mamdani himself has admitted that the bulk of these moves require legislative action beyond his control."
"Dave Portnoy of Barstool Sports has threatened to move his New York City headquarters if Mamdani is elected. That would impact a little more than 300 people. But Jamie Dimon of JPMorgan, which has 24,000 employees in the city, recently told Fortune editor-in-chief Alyson Shontell that he'd help Mamdani or any mayor that wins the election. "You know, we survived [Mayor] Bill de Blasio," he said. "New York will survive.""
Election day in New York City features President Donald Trump's endorsement of Andrew Cuomo and rising poll support for Zohran Mamdani. Business leaders express nuanced views about Mamdani despite concern over his proposals. Mamdani proposes a 2% income tax surcharge on salaries over $1 million, a top corporate tax rate of 11.5%, procurement changes, and collection of nearly $700 million owed to the city, while acknowledging many measures need legislative approval. Some business figures threatened relocation, though major employers like JPMorgan signaled readiness to work with the winning mayor. The markets are down across the board, and OpenAI's $38 billion AWS deal is the big story.
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