The unexpected primary victory of democratic socialist Zohran Mamdani in the NYC mayoral election has left Wall Street executives in disbelief and fear. His progressive agenda includes significant tax hikes on wealthy residents and implementing social programs such as rent freezes and city-owned grocery stores. Mamdani garnered 43.5% of votes, defeating former Governor Cuomo. Wall Street figures like hedge fund managers Rick Sandler and Bill Ackman have openly expressed distress about Mamdani’s potential mayoralty, citing concerns over socialism and its perceived failures in the U.S.
"I'm depressed and sad," said Rick Sandler..."If Mamdani becomes mayor, I will likely move my business and family out of New York."
"I can't believe I even need to say this, but socialism doesn't work," said Anthony Pompliano..."It has failed in every American city it was tried."
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