Why some of New York’s elite are backing socialist mayoral candidate Zohran Mamdani

Zohran Mamdani

When Zohran Mamdani stunned New York’s political establishment with his win in the Democratic primary for mayor, the city’s business community split in two. For some, Mamdani’s socialist platform is an existential threat to the financial capital of the country. For others, including a surprising group of financiers and CEOs, his message of economic justice and policy innovation is precisely what New York needs, the Wall Street Journal reported.

A pitch to power players

In early September, long before he was a serious contender, Mamdani met with Kathy Wylde, a prominent figure in New York’s corporate world, at a downtown coffee shop. The meeting was notable for how unradical the self-described democratic socialist sounded. “He made clear that he’s not anticapitalist in that sense,” Wylde recalled. His pitch: He wasn’t trying to take over business, just to make it more accountable and inclusive.

Now that Mamdani is the presumptive mayoral nominee, that pragmatic tone is shaping reactions among the city’s elite. Many business leaders remain alarmed, but a smaller, quieter segment has begun organizing to support him—even if it means higher taxes for themselves.

The Mamdani millionaires

Mamdani’s support among the wealthy is not just symbolic. Voting data indicates that nearly a third of the city’s wealthiest residents backed him in the primary. Some cite a sense of moral responsibility, others a pragmatic belief that years of inequality have weakened New York’s long-term prospects.

James Hueston, a 27-year-old venture capitalist, said he supports Mamdani because the city needs better services. “I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies,” Hueston said, referencing proposals for free public buses, universal child care, and city-run grocery stores.

Mamdani’s backers in finance and tech include employees at Goldman Sachs, Jane Street, and Deutsche Bank. Most are young, many are new to the city, and they view his policies not as a threat but as a reinvestment in New York’s future.

Business pragmatism and small-business hope

Among New York’s 200,000 small businesses—half of which are immigrant-owned—many see Mamdani’s focus on regulation reform and affordable living as a lifeline. His ads emphasizing lower street-vendor permit fees and fewer barriers for bodegas resonated with entrepreneurs like Ahmed Haque, CEO of a consulting firm, who sees small business as a vital path for immigrant mobility.

At the same time, Mamdani has extended olive branches to the city’s largest industries, especially real estate. Wylde said Mamdani understands that the housing crisis won’t be solved without private development. “He’s not just talking about social or socialized housing solutions,” she noted.

Silent support on Wall Street

While billionaire investors like Bill Ackman and Dan Loeb have attacked Mamdani publicly—accusing him of radicalism and even antisemitism—some of their peers are quietly backing him. Others believe Albany’s control over taxation will blunt the impact of Mamdani’s most ambitious redistributive plans.

Mark Gorton, CEO of Tower Research, said fears of mass exodus are overblown. “Are you going to [leave the city] for an extra 2%?” he asked. “New York is a pretty special place.”

Still, some Mamdani supporters in finance are wary of going public, fearing professional backlash or political scrutiny, especially amid accusations—denied by Mamdani—that he is antisemitic. One executive at a large bank, born in India, said she worried her family could face detention if her political views became known.

New faces, new politics

Part of Mamdani’s appeal to these younger voters is his tone. While his ideology may be socialist, his messaging often cuts against stereotypes. In one campaign ad, he promises to slash red tape for food vendors. In another, he pledges to reduce the cost of living for everyday New Yorkers—not by attacking wealth, but by expanding access.

And while many in the business world may remain sceptical, Mamdani’s base continues to broaden. The candidate’s rise has forced a rethinking of political orthodoxy in a city where Wall Street and socialism now share more ground than ever expected.

As Hueston, the venture capitalist, put it, “It’s important to live every single moment with truth and without fear.” For now, that includes putting faith—and funding—behind a mayor who says billionaires shouldn’t exist.