Zohran Mamdani was elected the 111th mayor of New York in a historic victory on Tuesday that will put an avowed democratic socialist in charge of the city that serves as the capital of global finance.
As Mamdani clinched the mayoral race after leading in most polls, the former rapper’s mic-drop moment was complete.
Mamdani, a Democrat, received 50.3% of the votes, while former Governor Andrew Cuomo, running as an independent, garnered 41.6% with 88% of the vote counted, according to the Associated Press.
The general election was the culmination of a dramatic political season that marks a striking turnaround in New York’s political landscape.
Earlier this year, the 34-year-old won the Democratic mayoral primary in a stunning upset over Cuomo, a dominant figure and a favorite of Wall Street.
This forced the former governor to mount an independent campaign that, despite drawing millions in outside funding from establishment figures like Bill Clinton and Michael Bloomberg, ultimately failed to win over voters.
When Mamdani is sworn in on January 1, his victory will cement his status as the face of a new left-wing movement, underscoring a generational and ideological shift in New York City politics.
The race was one of the most competitive the city had seen in more than a decade, reflected in high voter turnout of over 2 million people, the most since 1969.
‘We have toppled a political dynasty’: Mamdani’s victory speech
Taking the stage in Brooklyn, Mamdani celebrated his victory over Andrew Cuomo, the three-term former governor and son of a governor.
“We have toppled a political dynasty,” Mamdani declared. He then drew a line under the contentious campaign, stating, “I wish Andrew Cuomo only the best in private life. But let tonight be the final time I utter his name as we turn the page.”
In his victory speech, Mamdani framed the result as a win for the city’s working class.
“For as long as we can remember, the working people of New York have been told by the wealthy and the well-connected that power does not belong in their hands, fingers bruised from lifting boxes on the warehouse floor, palms calloused from delivery bike handle bars, Knuckles scarred with kitchen burns,” Mamdani said.
Tonight, against all odds, we have grasped it.
Meanwhile, as the results became clear, Cuomo took the stage to concede. He began by thanking his campaign staff and noted that current mayor Eric Adams’s withdrawal from the race had made it “more competitive.”
“This campaign was the right fight to wage and I am proud of what we did,” Cuomo said.
This campaign was to contest the philosophies that are shaping the Democratic Party, the future of this city and the future of this country.
Who is Zohran Mamdani, and what are his plans for NYC?
Born in Kampala, Uganda, and raised in Queens, Mamdani represents a cross-section of modern New York’s diversity.
A former rapper turned lawmaker, he became a naturalized US citizen in 2018 and has served in the New York State Assembly since 2021, representing Astoria.
His victory makes him the city’s first Muslim and first Indian American mayor—and one of its youngest.
For supporters, his ascent is both a symbol of New York’s evolving identity and a response to years of dissatisfaction with political inertia and rising inequality.
Mamdani has campaigned on an ambitious platform: freezing rent for rent-stabilized apartments, introducing free public buses, and creating city-owned grocery stores to improve food access.
His agenda has resonated with younger voters and working-class New Yorkers who have felt left behind by the city’s rapid economic transformation.
Why businesses are wary of Mamdani
Wall Street’s skepticism toward Mamdani is rooted in his redistributive economic vision.
Cuomo, who portrayed himself as a bulwark against Trump, accused Mamdani of pursuing an “anti-business agenda that would kill New York.”
Mamdani’s platform includes raising corporate taxes from 7.25% to as high as 11.5%, and increasing income taxes on millionaires by 2 percentage points.
He has also proposed borrowing $70 billion over the next decade to finance large-scale infrastructure and social programs.
Investors and business leaders have warned that such measures could accelerate an ongoing exodus of financial institutions.
The New York Post reported that with Mamdani set to become the mayor, Dallas — whose grab bag of major business moguls has included Ross Perot, Mark Cuban and Jerry Jones — was becoming a major draw for big financial firms that were born and raised in the Big Apple.
Goldman Sachs, for instance, is building a new $500 million Dallas campus expected to house 5,000 employees by 2028.
JPMorgan Chase already employs more staff in Texas than in New York.
Besides, a survey conducted by JL Partners for the Daily Mail found that 9 in 10 New Yorkers said they would consider leaving the city if Mamdani won.
The discontent was especially pronounced among high earners, with 7% of individuals earning more than $250,000 annually stating they would definitely leave.
Real estate professionals told CNN that luxury property buyers have paused purchases amid uncertainty about the city’s fiscal direction.
Mamdani’s campaign has drawn fierce resistance from the city’s business elite.
Political action committees opposing him raised more than $40 million, with donors including prominent real estate figures and executives from finance and tech.
Elon Musk joined the fray, posting on X: “Remember to vote tomorrow in New York. Bear in mind that a vote for Curtis is really a vote for Mumdumi or whatever his name is. Vote Cuomo!”
Extending an olive branch
However, since his primary win, Mamdani has made overtures to the business community, signalling a willingness to find common ground.
Addressing the Association for a Better New York last month, he called for a “deep partnership between the private and public sectors,” and praised aspects of both Michael Bloomberg’s technocratic leadership and Bill de Blasio’s progressive reforms.
Construction industry leaders have also expressed cautious optimism.
Carlo Scissura, president of the New York Building Congress, said after meeting both candidates that “we’ll be fine with either.”
Mamdani, he added, “was clear that he would work with us and would focus on capital construction and doing things to get the economy moving.”
Jamie Dimon, JPMorgan Chase’s CEO, reportedly told colleagues he would “offer my help” if Mamdani took office.
What happens next: a delicate balancing act
One of Mamdani’s first challenges as mayor will be managing the city’s relationship with the White House.
President Donald Trump has repeatedly lambasted Mamdani, calling him a “communist lunatic” and threatening to withhold funding.
Trump posted Monday on Truth Social:
It is my strong conviction that New York City will be a Complete and Total Economic and Social Disaster should Mamdani win.
Financial analysts are divided on what Mamdani’s victory means for markets. “If Mamdani governs pragmatically… Wall Street may respond with cautious engagement,” said Christer Holloman, a senior contributor at Forbes.
For now, New York’s new mayor faces a delicate balancing act: delivering on bold promises without alienating the city’s economic base.
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