The Billionaires Who Tried—and Failed—to Stop Zohran Mamdani
More than twenty billionaires contributed to political committees supporting Andrew Cuomo or opposing Zohran Mamdani’s candidacy for New York City mayor. Despite their efforts, Mamdani triumphed over a Republican opponent, another Democrat, and the financial elite in the mayoral election held on Tuesday.
Mamdani, who identifies as a democratic socialist, became the first Muslim mayor in the city's history and the youngest in over a hundred years. The election drew more than two million voters, marking the highest turnout in over five decades. With about 90% of the votes counted by Wednesday morning, he secured just over half of the total ballots cast.
At 34, Mamdani campaigned during a period of economic strain, focusing on making New York City more affordable through initiatives such as rent freezes, free public transportation, and universal childcare. To fund these programs, he proposed moderate tax increases for millionaires and higher corporate tax rates.
“Billionaires shouldn’t exist,” Mamdani often said during his campaign, underscoring his commitment to economic fairness.
Alarmed by the potential for higher taxes and Mamdani’s outspoken views, over twenty billionaires began funding efforts to block his election, starting during the Democratic primary when he first faced former Governor Andrew Cuomo.
Author’s Summary
Zohran Mamdani overcame immense financial opposition to become New York City’s first Muslim and youngest mayor in more than a century, reshaping the city’s political landscape.