Wall Street is, to put it mildly, not keen on the prospect of a socialist mayor of New York.
It’s “officially hot commie summer”, said billionaire money manager Dan Loeb. “Socialism has no place in the economic capital of our country,” said hedge fund manager Bill Ackman, warning an exodus of wealthy taxpayers could cost New York up to $10 billion.
Young people will get a “refresher on the outcome of Marxism”, said Bitcoin billionaire Tyler Winklevoss. “Suicide by mayor,” said investment strategist Jim Bianco.
Their target? Zohran Mamdani, the democratic socialist now favoured to become New York’s next mayor.
Mamdani’s plans include rent freezes, free childcare, free buses and public grocery stores, funded by tax hikes on the wealthy.
Much of his wish list requires state approval, and Governor Kathy Hochul has already rejected proposed tax hikes. Still, the symbolism alone has unnerved the moneyed classes.
Billionaire doomsaying isn’t new. Investors made similar threats about leaving New York when Bill de Blasio ran in 2001, only to stay put once he was elected. Mamdani is clearly further left, and his rhetoric is fierier. Nevertheless, for all the talk of leaving for Florida or Texas, New York still offers what they can’t: density, talent, infrastructure and prestige.
Wall Street may squirm in this ideologically hostile summer, but flight may be harder than fury.
