Why New York’s richest donors are scrambling to stop Zohran Mamdani from becoming mayor

Business leaders are warning that Mamdani’s platform—including proposals for city-run grocery stores and a freeze on rents in regulated units—poses a threat to New York’s economic future

Some of New York City’s wealthiest business leaders and political power players are in emergency mode following Zohran Mamdani’s surprise victory in the Democratic mayoral primary. Mamdani, a 33-year-old democratic socialist and Queens assemblyman, stunned the city’s elite by defeating former Governor Andrew Cuomo and emerging as the frontrunner in a race that all but guarantees the Democratic nominee a path to City Hall. Now, panicked donors are pouring money into independent groups determined to block his victory in the general election, the Wall Street Journal reported.

New PACs emerge, but no consensus on candidate

At least one new group—New Yorkers for a Better Future Mayor 25—has been formed with a war chest of $20 million, according to sources familiar with the effort. It’s just one of several anti-Mamdani efforts being planned by figures including Pershing Square CEO Bill Ackman and former Mayor Rudy Giuliani. Another effort, led by Giuliani and former NYPD detective Bo Dietl, is aiming to raise $10 million. But while these financiers are aligned in opposition to Mamdani, they have yet to unite behind a single rival candidate.

The stakes: socialism versus Wall Street

Business leaders are warning that Mamdani’s platform—including proposals for city-run grocery stores and a freeze on rents in regulated units—poses a threat to New York’s economic future. JPMorgan Chase CEO Jamie Dimon labeled Mamdani’s politics “more Marxist than socialist” and dismissed his agenda as “ideological mush.” Yet as donors mobilize to fight him, political strategists worry that the barrage of outside money could backfire, feeding into Mamdani’s anti-establishment narrative and turning voters off from billionaire-backed campaigns.

Adams and Cuomo won’t step aside

One major hurdle for Mamdani’s opponents is a fractured field. Mayor Eric Adams and Cuomo have both refused to drop out, making it difficult to form a unified anti-Mamdani coalition. Some donors prefer Adams as the incumbent with fundraising infrastructure, while others see Cuomo polling higher. That split is delaying the emergence of a single, credible alternative. Columbia University’s Ester Fuchs, a veteran of Bloomberg’s administration, warned that throwing money at the problem won’t work unless it’s tied to a turnout strategy and a message that resonates with voters.

Money flows but confusion reigns

Real-estate developers and finance executives—many concerned about the future of rent regulations—have begun hosting fundraisers for Adams. On Wednesday, SL Green CEO Marc Holliday hosted a rooftop fundraiser that brought in about $1 million. Even Dr. Phil made an appearance, taking a veiled jab at Mamdani’s “free everything” approach. Meanwhile, Adams’s former chief of staff said the mayor is on track to max out his campaign fundraising at $8 million. But even as the money flows, the donor class still lacks a clear roadmap to defeating Mamdani.

Waiting for data and a breakthrough

Some power brokers, such as Rupert Murdoch adviser Gary Ginsberg, are holding back until more polling data becomes available. Others are floating long-shot ideas like a write-in campaign for someone like Dimon—who, according to reports, has no interest. Despite the confusion, Mamdani’s team is working to court the business community and plans to meet with top CEOs at an event hosted by the Partnership for New York City, whose executive board includes Dimon and leaders from Citigroup and Morgan Stanley.