No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Thursday, October 23, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Markets

Mamdani’s NYC victory leaves Wall Street ‘alarmed’ and ‘depressed’

by TheAdviserMagazine
4 months ago
in Markets
Reading Time: 3 mins read
A A
Mamdani’s NYC victory leaves Wall Street ‘alarmed’ and ‘depressed’
Share on FacebookShare on TwitterShare on LInkedIn


To say Wall Street isn’t a fan of Zohran Mamdani would be an understatement.

In fact, high-profile investors and business leaders in the Big Apple are up in arms about the stunning win by the democratic socialist in the primary to win the Democratic nomination to serve as the next New York City mayor. The three-term Assemblymember’s potential victory in the November general election could bring what the Street hates most — tax hikes and tighter regulation threatening corporate and investment interests.

Philippe Laffont, founder of hedge fund Coatue Management, told CNBC that a Mamdani win could trigger another exodus of wealthy investors. Since the pandemic, a wave of wealthy residents and institutional firms have fled the nation’s largest city for low-tax states such as Florida and Texas.

“Some people are going to, for sure, go,” Laffont said on CNBC’s “Squawk Box” Wednesday after former New York Governor Andrew Cuomo conceded the Democratic nomination. “It’s not quite done yet. There’s still an election. Maybe Cuomo will re-enter as an independent.”

Mamdani’s emphasis on socialism and redistribution of wealth runs counter to Wall Street’s preference for unbridled capitalism and policies that support growth, such as deregulation and low taxes. The 33-year-old has supported taxing the ultra-wealthy, financial transactions and passive income like dividends. He has also endorsed a state-level wealth tax and increased marginal income tax rates on high earners.

Hedge fund magnate Bill Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.

Lawrence Summers, the former Treasury Secretary and president of Harvard University, also expressed his distaste Mamdani’s nomination.

“I am profoundly alarmed about the future of the [Democratic National Committee] and the country, by yesterday’s NYC anointment of a candidate who failed to disavow a ‘globalize the intifada’ slogan and advocated Trotskyite economic policies,” Summers said in a post on X.

‘Suicide by Mayor’

Part of the stock market has already felt the pain from the prospect of a Mamdani-led NYC. Shares of New York regional bank Flagstar, with exposure to the New York real estate market, sank nearly 4% Wednesday. Office-focused real estate stocks also suffered, with SL Green Realty down more than 6% and Vornado Realty Trust down nearly 7%.

Mamdani advocates for universal rent control, and the New York City mayor has the power to appoint representatives to the regulatory board that oversees rent-controlled and rent-stabilized apartments. A pause on rent increases would hurt the profits of multi-family rental properties.

Roughly one million New York City apartments are rent stabilized but only about 20,000 are still rent controlled.

“It appears that NYC is electing to commit suicide by Mayor,” Jim Bianco, president and macro strategist at Bianco Research, said in a post on X Tuesday evening.

‘Terror is the feeling’

Mamdani’s solution to most problems relies on an ideological commitment to taxpayer-funded spending, and that leaves the business community concerned, said Kathryn Wylde, president of the Partnership for New York City, a nonprofit group of CEOs founded by David Rockefeller in 1979.

“Terror is the feeling,” Wylde said on CNBC Tuesday morning as voters headed to the polls, although she noted that “there’s much positive in New York. But that could quickly shift if we lose confidence in the mayor.”

Wylde said the state government, led by Gov. Kathy Hochul, should keep the city out of a “disaster” scenario. She acknowledged concerns about the high cost of living and doing business, but said that raising taxes isn’t the solution.

Some of former Governor Cuomo’s strongest support came from the Upper East Side of Manhattan, the home to many of New York City’s highest earners and business titans. The former Secretary of the Department of Housing and Urban Development in the Clinton administration received more than seven out of every 10 first-choice votes in several of the precincts in this neighborhood, according to Associated Press data as of Wednesday.

In 2013, Bill de Blasio’s win also triggered anxiety among the financial elite, but he was able to ease fears by meeting business leaders directly before implementing sweeping reforms.

“We had Mayor DeBlasio for eight years. New York is really strong. I’m hopeful the same will happen,” Laffont said.



Source link

Tags: AlarmeddepressedleavesMamdanisNYCStreetvictoryWall
ShareTweetShare
Previous Post

Six Links For Your Consideration

Next Post

4 Things the Top 5% Do That Separates Them From Everyone Else

Related Posts

edit post
‘Cash, precious metals, crypto’ is new norm for peak stock market risk

‘Cash, precious metals, crypto’ is new norm for peak stock market risk

by TheAdviserMagazine
October 23, 2025
0

With a handful of mega-cap tech and AI stocks at the top of the S&P 500 Index dominating the U.S....

edit post
5 Tips for Auditing Your Expenses and Strengthening Your Finances

5 Tips for Auditing Your Expenses and Strengthening Your Finances

by TheAdviserMagazine
October 23, 2025
0

PeopleImages.com - Yuri A / Shutterstock.comHow you manage your expenses can make or break your financial plan — and it...

edit post
What We’re Buying During This Real Estate Correction

What We’re Buying During This Real Estate Correction

by TheAdviserMagazine
October 23, 2025
0

Dave:Last week I spent an entire episode laying out that I think we are in a market correction. We’re not...

edit post
China’s property slump is far from bottoming. But Beijing is prioritizing tech growth

China’s property slump is far from bottoming. But Beijing is prioritizing tech growth

by TheAdviserMagazine
October 23, 2025
0

A new residential complex under construction in Hangzhou, Zhejiang Province, China on October 20, 2025. Cfoto | Future Publishing |...

edit post
Tesla (TSLA) Q3 adj. earnings drop despite higher revenues

Tesla (TSLA) Q3 adj. earnings drop despite higher revenues

by TheAdviserMagazine
October 22, 2025
0

Tesla Inc. (NASDAQ: TSLA) on Wednesday announced results for the third quarter of fiscal 2025, reporting a decrease in adjusted...

edit post
Earnings: Highlights of IBM’s Q3 2025 report

Earnings: Highlights of IBM’s Q3 2025 report

by TheAdviserMagazine
October 22, 2025
0

International Business Machines Corporation (NYSE: IBM), a leading IT services and consulting company, announced financial results for the third quarter...

Next Post
edit post
4 Things the Top 5% Do That Separates Them From Everyone Else

4 Things the Top 5% Do That Separates Them From Everyone Else

edit post
Make Your Case, and Don’t Worry About the Other Guy

Make Your Case, and Don't Worry About the Other Guy

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
Why Planning Is So Hard

Why Planning Is So Hard

0
edit post
Reward and Retribution Is the New U.S. Policy for Latin America

Reward and Retribution Is the New U.S. Policy for Latin America

0
edit post
Fed To Join Payments Revolution, Bring Crypto In From the Fringes

Fed To Join Payments Revolution, Bring Crypto In From the Fringes

0
edit post
‘Cash, precious metals, crypto’ is new norm for peak stock market risk

‘Cash, precious metals, crypto’ is new norm for peak stock market risk

0
edit post
Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

0
edit post
20 of the Best Job Search Sites for Finding Work

20 of the Best Job Search Sites for Finding Work

0
edit post
Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

October 23, 2025
edit post
‘Cash, precious metals, crypto’ is new norm for peak stock market risk

‘Cash, precious metals, crypto’ is new norm for peak stock market risk

October 23, 2025
edit post
Reward and Retribution Is the New U.S. Policy for Latin America

Reward and Retribution Is the New U.S. Policy for Latin America

October 23, 2025
edit post
Glassnode identifies concentrated Bitcoin selling amid market consolidation

Glassnode identifies concentrated Bitcoin selling amid market consolidation

October 23, 2025
edit post
20 of the Best Job Search Sites for Finding Work

20 of the Best Job Search Sites for Finding Work

October 23, 2025
edit post
NYC mayoral candidates turn on each other in final debate: ‘Zohran, your resume could fit on a cocktail napkin. And, Andrew, your failures could fill a public school library in New York City’

NYC mayoral candidates turn on each other in final debate: ‘Zohran, your resume could fit on a cocktail napkin. And, Andrew, your failures could fill a public school library in New York City’

October 23, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price
  • ‘Cash, precious metals, crypto’ is new norm for peak stock market risk
  • Reward and Retribution Is the New U.S. Policy for Latin America
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.