Berliner Boersenzeitung - Mamdani extends olive branch to anxious NY business community

Mamdani is an unapologetic socialist whose meteoric rise from near unknown to the verge of running the biggest city in the United States has been fueled by vows to fix the crushing cost of living for regular people.

He is vilified constantly by President Donald Trump, who calls him a "communist," and targeted near daily by the right-wing New York Post and Fox News.

But Mamdani has shown political savvy in reaching out to the rich in the US financial capital ahead of Tuesday's election -- and apparently getting them to listen.

During his primary campaign to win the Democratic Party nomination, Mamdani's populist message spooked business interests. In a city stuffed with many of the most fabulously wealthy people in the world, he declared "I don't think we should have billionaires."

And some of those billionaires, including former mayor Michael Bloomberg and hedge fund tycoon Bill Ackman, openly backed Mamdani's chief rival Andrew Cuomo, who was defeated in the Democratic primary but is still running as an independent.

Fix the City, a Cuomo-affiliated group, raised some $25 million before the primary.

Since the primary, however, Mamdani has extended an olive branch to business critics, while softening his more controversial positions, including apologizing for past statements that harshly criticized the police.

- 'We'll be fine' -

Addressing the Association for a Better New York last month, Mamdani spoke of a "deep partnership between the private and the public sector" and he emphasized the role companies play in building housing.

The 34-year-old candidate praised elements of the mayoralties of the centrist Bloomberg and progressive former mayor Bill DeBlasio, vowing to "assess things on their merits" rather than be ideological.

Construction industry leaders who met with Mamdani and Cuomo earlier this fall came away concluding "we'll be fine" with either candidate, New York Building Congress president Carlo Scissura told AFP.

"Mamdani was clear that he would work with us and would focus on capital construction and doing things to get the economy moving," Scissura said.

The self-identified member of the Democratic Socialists of America further lowered the temperature last month by saying he'd keep current Police Commissioner Jessica Tisch on board.

The Partnership for New York City called the move "an important signal to the business community that his administration will not reverse the progress the city has made in reduction of crime on her watch."

Mamdani also met with corporate leaders at a pair of July gatherings hosted by the Partnership, whose board includes JP Morgan head Jamie Dimon. Dimon said he'd "offer my help" if Mamdani wins, as expected on Tuesday.

The charm doesn't always work.

Bloomberg met with Mamdani, a Muslim highly critical of Israel's war in Gaza, in September, but donated $1.5 million more to Cuomo-supporting Fix the City last week, according to campaign finance records. Large new contributions have also come from Ackman, fellow hedge fund billionaire Dan Loeb and media tycoon Barry Diller -- all vocal supporters of Israel.

The reality is that Mamdani would be heavily constrained in office. For example, he might struggle to get backing from New York Governor Kathy Hochul to raise taxes.

That doesn't stop some fearing that business will flee.

But Morris Pearl, a former BlackRock managing director who now chairs advocacy group Patriotic Millionaires, said Mamdani's effort to address regular residents' cost-of-living concerns are not misplaced.

"People don't move out of New York City because their taxes are too high," he said. "People move out of New York City because they can't afford their rent."

(A.Lehmann--BBZ)