Tag: Andrew Cuomo

  • Wall Street Failed to Block Mayor Mamdani — Now It Must Work With Him

    Wall Street Failed to Block Mayor Mamdani — Now It Must Work With Him

    In a stinging defeat for the city’s financial titans, democratic socialist Zohran Mamdani swept to victory in Tuesday’s mayoral election, capping a bruising campaign where Wall Street poured tens of millions into efforts to derail his progressive insurgency. Led by heavyweights like Michael Bloomberg, Bill Ackman, and Airbnb co-founder Joe Gebbia, a cadre of billionaires and executives funneled up to $28 million into super PACs backing rivals Andrew Cuomo and Curtis Sliwa—betting big that Mamdani’s calls for rent freezes, free public transit, and a millionaire’s tax would spell doom for New York’s economic engine. Yet, with over 50% of the vote and record turnout exceeding 735,000 early ballots, Mamdani proved voters prioritized affordability over elite anxieties, forcing the financial sector to pivot from opposition to uneasy accommodation.

    The outcome exposes the limits of moneyed influence in an era of populist resurgence, where grassroots energy and pocketbook populism trumped six-figure ad blitzes. Bloomberg alone contributed $13.3 million through his namesake firm, dwarfing Mamdani’s small-donor war chest and underscoring a stark class divide: While the 1% decried a potential “hot commie summer,” working New Yorkers rallied behind the 34-year-old Queens assemblyman’s vision of a more equitable city.

    Now, as Mamdani prepares to take office in January—becoming the youngest mayor in over a century and the first Muslim and South Asian leader in city history—Wall Street faces a reckoning: Engage with the new administration or risk irrelevance in a governance shake-up that could redefine the capital of capitalism.

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    A Billionaire Backlash: $28 Million Gambit Falls Flat

    The anti-Mamdani spending spree was a masterclass in elite mobilization, with at least 26 billionaires and wealthy families backing super PACs like Defend New York and Fix the City. Bloomberg’s $13.3 million infusion—channeled via Bloomberg LP—aimed to prop up Cuomo, the scandal-scarred independent whose centrist credentials promised business-as-usual. Gebbia, Airbnb’s design whiz, followed with $3 million, while Ackman’s Pershing Square Capital anted up $1.75 million amid his relentless X tirades labeling Mamdani a threat to innovation. Other notables included Ronald Lauder ($1.75 million, Estée Lauder), Steve Wynn ($500,000, real estate), and Daniel Loeb ($350,000, Third Point hedge fund), per filings reviewed by Business Insider, Time, and Fortune.

    Their pitch? Mamdani’s agenda—freezing rents on 1 million stabilized units, taxing incomes over $1 million, and expanding public services—would stifle investment and drive firms to Miami or Austin. Ackman, in a now-infamous Flagrant podcast quip from Mamdani, even threatened exodus if the socialist prevailed. Yet, the blitz backfired: Mamdani surged to 50.4% against Cuomo’s 41.6% and Sliwa’s 7.1%, with 90% of votes tallied. AP VoteCast showed 6 in 10 prioritizing cost of living, with renters—hit hardest by housing woes—backing Mamdani 7-to-3.

    Wall Street’s war chest, while formidable, couldn’t match Mamdani’s viral appeal: TikTok clips of his rent-relief rallies racked millions of views, drawing young voters and outer-borough progressives alienated by Cuomo’s baggage (his 2021 resignation amid harassment allegations). As one anonymous hedge funder told WSJ post-election, “We threw everything at him—ads, op-eds, whispers—and it bounced off. Voters aren’t buying our scare tactics anymore.”

    Defeat has bred detente. By Wednesday, olive branches emerged: Ackman posted on X, “@ZohranKMamdani, congrats… If I can help NYC, just let me know.”—a 180 from his pre-election doom-mongering. FT reports financiers like Citadel’s Ken Griffin (fresh off Miami marina approval) and Blackstone’s Jonathan Gray are signaling willingness to “work with” Mamdani, eyeing tax incentives and infrastructure deals. Bloomberg, per insiders, is mulling quiet meetings on fintech innovation, while Gebbia eyes affordable housing pilots blending public-private partnerships.

    This thaw reflects pragmatic calculus: NYC’s $100 billion budget funds vital services—subways, ports, cybersecurity—that underpin finance. Mamdani’s “hot commie summer” fears, Bloomberg notes, have cooled into “cautious backing,” with some execs praising his post-win unity speech: “To get to any of us, you will have to get through all of us.” Yet wariness lingers: Ackman’s overture drew eye-rolls from progressives, who see it as damage control after a failed coup. As Mamdani told reporters, “Wall Street spent millions to silence us—now they’ll learn New Yorkers vote their conscience, not their checkbooks.”

    Mamdani’s win—amid Democratic sweeps in NJ (Mikie Sherrill) and VA (Abigail Spanberger)—amplifies calls for campaign finance reform. With billionaires outspending rivals 10-to-1, critics like Sen. Elizabeth Warren (D-Mass.) hailed it as “proof money can’t buy democracy—yet.” The $19-28 million haul, per OpenSecrets, dwarfs 2021’s $10 million total, spotlighting fusion voting quirks that Musk decried as a “scam” (debunked as standard NY practice).

    For Wall Street, the lesson is adaptation: Mamdani’s pledges—universal childcare, green jobs—could spur inclusive growth if navigated smartly. But his Netanyahu arrest vow and “billionaires shouldn’t exist” barbs signal friction ahead. As Gray told FT, “We’re not fleeing—we’re investing in the city that made us.” Whether that’s olive branch or Trojan horse remains to be seen, but one thing’s clear: The power suits lost this round, and New York’s future now tilts toward the many, not the mighty.

  • NYC Mayoral Race ‘Not for Sale to Trump Donors,’ Mamdani Says

    NYC Mayoral Race ‘Not for Sale to Trump Donors,’ Mamdani Says

    NEW YORK – In a stunning turn of events that could reshape the Big Apple’s political landscape, Democratic mayoral candidate Zohran Mamdani fired back at what he perceives as interference from President Donald Trump and his wealthy supporters, insisting that the New York City mayoral race remains “not for sale” following incumbent Mayor Eric Adams‘ abrupt withdrawal from the contest.

    Adams, who had been mounting an independent bid since April, released a video on social media Sunday announcing the end of his reelection campaign – just three weeks after defiantly vowing to press on. The move comes amid reports of a meeting earlier this month between Adams and White House special envoy Steve Witkoff, sparking speculation about a potential role for the mayor in the Trump administration. While Adams’ spokesperson emphasized that he will serve out his term without any confirmed post-office plans, the decision has ignited a firestorm of reactions from the remaining candidates, highlighting deep divisions in a race already fraught with ideological clashes.

    Mamdani’s Vision for New York City

    Mamdani, the 33-year-old state assemblyman who clinched the Democratic nomination over the summer with a decisive victory over former Gov. Andrew Cuomo and others, wasted no time framing Adams’ exit as part of a broader scheme orchestrated by Trump and his billionaire backers. Appearing on MSNBC Sunday evening, Mamdani declared, “Donald Trump and his billionaire donors may be able to determine the actions of Eric Adams and Andrew Cuomo, but they will not dictate the results of this election.” He doubled down on this sentiment in a video posted to social platform X, warning Cuomo: “You got your wish. You wanted Trump and your billionaire friends to help you clear the field. But don’t forget. You wanted me as your opponent in the primary too, and we beat you by 13 points.”

    From a conservative vantage point, Mamdani’s rhetoric smacks of the kind of far-left paranoia that has alienated moderate voters in cities across America. As the youngest and most progressive candidate in the field, Mamdani’s campaign promises to slash living costs in one of the world’s priciest metropolises through aggressive policies that critics argue could stifle economic growth and empower socialist-leaning agendas. His attacks on Trump – a president who has championed deregulation and tax cuts to boost urban economies – seem designed to rally the Democratic base but risk turning off independents and working-class New Yorkers weary of progressive experiments that have led to rising crime and fiscal woes in the past.

    Cuomo, running as an independent centrist, welcomed Adams’ departure as a game-changer that sharpens the race into a clearer ideological showdown. Speaking to reporters outside a campaign event in Queens Sunday night, Cuomo praised Adams’ “selflessness” and warned that a Mamdani victory should terrify New Yorkers. “I believe Mayor Adams is 100% sincere. I applaud his selflessness… He said, ‘I’m going to put my personal ambition aside for the good of the city,’ because he’s afraid of the result if Mr. Mamdani would win the election, and we should all be afraid of the result,” Cuomo said. He dismissed Mamdani’s primary win as irrelevant in the general election, noting, “This is now a much larger election where more New Yorkers will vote. And I am telling you, and I’m out there every day, New Yorkers do not support what Mamdani supports.”

    Cuomo’s comments underscore a pragmatic, results-oriented approach that resonates with right-leaning voters disillusioned by the city’s leftward drift under progressive leadership. Denying any direct conversations with Trump – despite a New York Times report suggesting otherwise – Cuomo positioned himself as the steady hand capable of steering New York away from what he sees as Mamdani’s radicalism. He also brushed off Republican nominee Curtis Sliwa as non-viable, though he expressed interest in speaking with Adams “whenever appropriate.”

    Sliwa, the Guardian Angels founder and GOP standard-bearer, has faced his own pressures, revealing last week that unnamed wealthy New Yorkers – possibly Trump donors, though unconfirmed – offered him money to bow out. Undeterred, Sliwa’s spokesperson issued a statement affirming his staying power: “Curtis Sliwa is the only candidate who can defeat Mamdani. Our team, our resources, and our funding are unmatched. Most importantly, we have the best solutions to help working people afford to stay in New York City and feel safe.” Trump’s recent jab at Sliwa as “not exactly prime time” hasn’t helped, but in a fragmented field, Sliwa’s tough-on-crime stance could siphon votes from disaffected Democrats and independents who prioritize public safety over progressive platitudes.

    Polling data adds intrigue to the post-Adams landscape. A Suffolk University City View survey released last week showed Mamdani leading with 45% support, followed by Cuomo at 25%, Sliwa at 9%, and Adams at 8%. With Adams out, his centrist supporters – many of whom overlap with Cuomo’s base – could consolidate behind the former governor, potentially closing the gap. However, Mamdani remains unfazed, telling Eyewitness News that the race hasn’t fundamentally shifted: “It’s a race between us and the failed politics that we’ve seen, whether it’s Andrew Cuomo or Eric Adams… We’re going to show that they can’t dictate the outcome of this race.”

    Mamdani elaborated on Trump’s involvement, suggesting the president’s interest stems from fear of a genuine affordability agenda: “Donald Trump will do what Donald Trump wants to do, but the important thing is to understand why he’s so interested. He ran a campaign speaking about cheaper groceries and a lower cost of living. That’s the campaign that we ran. The difference is that he has shown no interest in delivering on that agenda, instead just persecuting his supposed political enemies.”

    Conservatives might counter that Trump’s economic policies have delivered real wins for urban America, from opportunity zones to criminal justice reform, and that his donors’ involvement reflects a healthy interest in preventing New York from sliding further left. Mamdani’s dismissal of such influence as nefarious ignores the reality that big-money politics cuts both ways – progressive billionaires like George Soros have long meddled in local races with far less scrutiny.

    As the November election approaches, Adams’ name will still appear on the ballot, alongside longshot Jim Walden, who suspended his campaign last week and endorsed Cuomo. The mayor’s exit could indeed boost Cuomo, but it also amplifies the stakes in a contest pitting progressive idealism against centrist pragmatism and conservative grit. New Yorkers, battered by high costs and urban challenges, will decide if Mamdani’s vision aligns with their aspirations – or if it’s time to reject the left’s grip on the city that never sleeps.

  • Kamala Harris’s stepdaughter experienced “trauma” while voting in the New York City Mayoral Primary

    Kamala Harris’s stepdaughter experienced “trauma” while voting in the New York City Mayoral Primary

    In a video posted to social media, Emhoff said, “You know, I’m feeling a little trauma walking to the same polling station that I did to vote for Kamala.”

    “And you know, I’m just feeling a lot of hope right now,” she said. She then updated her video after voting, declaring, “We did it.”

    “I’m feeling a huge mix of emotions,” she added. “I’m really nervous. I’m also so hopeful. It’s been so spectacular seeing New York come together in this way and rally behind Zohran, and, yeah. Let’s fucking do this, guys.”

    This comes as the self-declared democratic socialist — New York State Assemblyman Zohran Mamdani (D) — declared that he and his supporters “made history” in essentially clinching the Democrat primary in the Democrat-run city.

    “I want to applaud the assemblyman for a really smart and good and impactful campaign,” opponent Andrew Cuomo said after his own apparent loss. “Tonight is his night. He deserved it. He won.”

    Mamdani has made waves with a series of radical comments and proposals — such as city-run grocery stores — as Breitbart News has documented:

    Mayoral candidate Zohran Mamdani outlined his platform on his website saying people in his city are struggling with the cost of groceries.

    The site then declared Mamdani “will create a network of city-owned grocery stores focused on keeping prices low, not making a profit. Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers. They will buy and sell at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods on products and sourcing. With New York City already spending millions of dollars to subsidize private grocery store operators (which are not even required to take SNAP/WIC!), we should redirect public money to a real ‘public option.’”

    He also has publicly stated that “queer liberation means defund the police.”

    Mamdani has earned praise from the likes of fellow socialist Sen. Bernie Sanders (I-VT), who said, “Congratulations to Zohran Mamdani and his thousands of grassroots supporters for their extraordinary campaign.”

    “You took on the political, economic and media Establishment- and you beat them,” Sanders added. “Now it’s on to victory in the general election.”

  • Dem. Representative is cautioning that Socialist Zohran Mamdani is too radical to govern New York City.

    Dem. Representative is cautioning that Socialist Zohran Mamdani is too radical to govern New York City.

    Zohran Mamdani 2
    Democrat Rep. Warns Socialist Zohran Mamdani Is ‘Too Extreme to Lead’ NYC. (Christian Monterrosa/Bloomberg/Getty)

    Gillen issued a statement criticizing Mamdani’s campaign as having “been built on unachievable promises and higher taxes.”

    “Socialist Zohran Mamdani is too extreme to lead New York City,” Gillen said. “His entire campaign has been built on unachievable promises and higher taxes, which is the last thing New York needs.”

    “Beyond that, Mr. Mamdani has called to defund the police and has demonstrated a deeply disturbing pattern of unacceptable antisemitic comments which stoke hate at a time when antisemitism is skyrocketing,” Gillen continued. “He is the absolute wrong choice for New York.”

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    Laura Gillen, Democratic candidate for New York’s 4th Congressional District, on Oct. 17, 2024. (CQ-Roll Call, Inc/Getty Images)

    The statement from Gillen comes after former New York Gov. Andrew Cuomo (D) conceded to Mamdani on Tuesday night, after Mamdani held onto the lead in the primary.

    “Tonight was not our night,” Cuomo said, according to the Hill. “Tonight was Assemblyman Mamdani’s night and he put together a great campaign, and he touched young people and inspired them and moved them and got them to come out and vote.”

    With 93 percent of the votes in, Mamdani led with 43.5 percent of the vote, 432,305 votes, while Cuomo came in second with 36.4 percent of the vote, or 361,840 votes, according to the Associated Press.

    New York City Comptroller Brad Lander came in third with 11.3 percent, or 112,349 votes.

    While Cuomo has conceded after Mamdani led his opponents in the race, the “outcome will still be decided by a ranked choice count,” according to the outlet.

    “In the words of Nelson Mandela: it always seems impossible until it’s done,” Mamdani wrote in a post on X. “My friends, it is done. And you are the ones who did it. I am honored to be your Democratic nominee for the Mayor of New York City.”

    Mamdani has suggested creating city-run grocery stores, pointing out that people in the city are “struggling with the cost of groceries.”

    “We will redirect city funds from corporate supermarkets to city-owned grocery stores whose mission is to lower prices, not price gouging,” Mamdani said in a video. “These stores will operate without a profit motive, or having to pay property taxes or rent, and will pass on those savings to you.”

    Sen. Bernie Sanders (I-VT) endorsed Mamdani, stating that “new leadership” who would “stand up to powerful corporate interests” is needed.

    “At this dangerous moment in history, status quo politics isn’t good enough,” Sanders said. “We need new leadership that is prepared to stand up to powerful corporate interests & fight for the working class. Zohran Mamdani is providing that vision. He is the best choice for NYC mayor.”

  • Andrew Cuomo has conceded the New York City Democratic Mayoral Primary to socialist Zohran Mamdani

    Andrew Cuomo has conceded the New York City Democratic Mayoral Primary to socialist Zohran Mamdani

    Cuomo Concedes to Mamdani in NY
    Andrew Cuomo Concedes to Socialist Zohran Mamdani in NYC Democratic Mayoral Primary. (Michael M. Santiago, Alex Kent/Getty Images)

    Cuomo told his supporters that tonight was “not” their night and added that “tonight was Assemblyman Mamdani’s night,” according to the Hill.

    “He put together a great campaign, and he touched young people and inspired them and moved them and got them to come out and vote,” Cuomo added.

    Per the outlet, Cuomo’s concession came after “Decision Desk HQ projected the race would head to a ranked-choice count.”

    Earlier Tuesday, Decision Desk HQ projected the race would head to a ranked-choice count as Mamdani held a solid lead over the former governor. The vote counting will continue even though Cuomo has conceded in the primary.

    With 91 percent of the votes counted, Mamdani leads with 43.5 percent, or 428,995 votes, while Cuomo received 36.4 percent, or 358,740 votes, according to the Associated Press.

    New York City Comptroller Brad Lander came in third with 11.3 percent, or 111,44 votes.

    While Mamdani leads in the election, it could take “days before the winner is determined,” as the city does ranked choice voting, CBS News reported.

    According to the NYC Board of Elections website, “all first-choice votes are counted,” and if a candidate receives more than 50 percent of the first-choice votes, they win. Votes will continue to be counted “if no candidate earns more than” 50 percent of the first-choice votes:

    All first-choice votes are counted. If a candidate receives more than 50% of first-choice votes, that candidate wins.

    If not candidate earns more than 50% of first-choice votes, then counting will continue in rounds.

    At the end of each round, the last-place candidate is eliminated and voters who chose that candidate now have their vote counted for their next choice.

    Your vote is counted for your second choice only if your first choice is eliminated. If both your first and second choices are eliminated, your vote is counted for your next choice, and so on.

    Mayoral candidate Zohran Mamdani outlined his platform on his website saying people in his city are struggling with the cost of groceries.

    The site then declared Mamdani “will create a network of city-owned grocery stores focused on keeping prices low, not making a profit. Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers. They will buy and sell at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods on products and sourcing. With New York City already spending millions of dollars to subsidize private grocery store operators (which are not even required to take SNAP/WIC!), we should redirect public money to a real ‘public option.’”

    Several Hollywood celebrities, such as Sex and City star Cynthia Nixon, Harold and Kumar star Kal Penn, and pop superstar Lourde have supported Mamdani in his race to be the next mayor of New York City.