Billionaires Are Melting Down Over “Communist” Mamdani’s Projected Mayoral Win

Photo by Bryan Berlin. Source Wikimedia Commons, CC-BY 4.0

The Rich Person’s Boogeyman

As State Assemblyman Zohran Mamdani inches closer to what could be a historic New York City mayoral victory, the city’s billionaire class is in full-blown meltdown. Mamdani, a member of the Democratic Socialists of America, has become a prominent voice for left-wing politics in New York City, often challenging establishment Democrats and advocating for policies that address inequality and expand social welfare.

The mere idea of a self-described democratic socialist taking the reins of America’s financial capital has prompted panic among the ultra-wealthy — some even threatening to flee the city altogether.

According to an interview with Bill Ackman on Benzinga, the billionaire takes issue with Mamdani’s plans to raise corporate taxes to as he expects it to drive businesses out of the state. “It’s going to destroy the city,” Ackman said. According to The Guardian, Ackman claimed increasing taxes would also cause rich people to flee the city, as if millions and billions of dollars wasn’t already enough money to live comfortably even with high taxes.

Wealth and empathy aren’t mutually exclusive

President Donald Trump calls him a “communist.” Mamdani, has become a lightning rod for class anxiety in a city already defined by inequality. But the outrage misses a crucial point: wealth and empathy aren’t mutually exclusive. Franklin D. Roosevelt, born into privilege, championed policies that lifted millions out of poverty. Like FDR, Mamdani’s appeal lies in using his platform — and yes, his comfort — to challenge a system that only works for the few.

Mamdani is not in fact a communist, he is a democratic socialist favoring raising taxes on the wealthy to fund proposals he argues would make the city more affordable. Democratic socialists support a democratically elected government that actively works to reduce inequality by ensuring that essential services like healthcare, education, and housing are treated as public rights, not private commodities. The goal isn’t to eliminate capitalism entirely but to make the economy and society fairer and more humane by redistributing wealth, empowering workers, and ensuring that the economy serves the many, not the few.

Wealth and income inequality are actually harmful to capitalism because they concentrate power and limit consumer spending, ultimately weakening the competition, innovation, and broad economic participation that a healthy capitalist system depends on.

Detractors calling him a hypocrite for his background are missing the mark. It’s not about where someone comes from, but what they do with their power. And right now, Mamdani represents the possibility of a city that puts working people first.

A Tight Race

Still, the race is tighter than many expected. A recent NY Post Article included polling indicating that Mamdani faces a steep challenge in a one-on-one matchup with Andrew Cuomo. The report from Gotham Polling and the city’s AARP found that if Sliwa were to exit the race, 44.6% of New Yorkers would support Mamdani, while 40.7% would back Cuomo. With a four-point margin of error, the results place Cuomo within striking distance.

It’s important that as many people as possible turn out to vote, even if their favored candidates appear to be leading in headlines or polls, because polling is not always accurate and there have been many instances where frontrunners have suffered unexpected electoral losses.

The outcome could redefine what’s politically possible in New York — and signal whether the city’s future belongs to the billionaires threatening to bolt, or to the people who can’t afford to.