Zohran Mamdani’s Tax Plan Raises More Questions Than Answers

Kathy Wylde, the president and CEO of Partnership for New York City, reassures that a potential win by NYC Mayoral frontrunner Zohran Mamdani won't lead to a crisis for businesses or a mass departure of wealthy residents from the city.

In the recent elections, at least 26 billionaires contributed to groups that opposed Zohran Mamdani, the democratic socialist candidate for mayor of New York City. This significant financial backing highlights the influence of wealthy donors in local politics.

In today's Bloomberg Businessweek Daily, hosts Emily Graffeo and Matt Miller delve into important off-cycle elections, including the New York City mayoral race and the New Jersey gubernatorial election. They are joined by Myles Miller and Romaine Bostick for updates. Additionally, Chad Zamarin, CEO of Williams Companies, discusses the rising demand for gas infrastructure in the context of the AI boom, while Kathryn Wylde from the Partnership for New York City shares insights on Zohran Mamdani's leadership.

As New Yorkers prepare to vote for a new mayor, Democratic candidate Zohran Mamdani is leading in the polls against independent Andrew Cuomo. Mamdani expressed that any victory would be seen as a mandate, highlighting the significance of the upcoming election.

Zohran Mamdani is entering Election Day with a strong lead in the race for New York City mayor, positioning him as the favorite to win. This is significant not only for Mamdani, a democratic socialist, but also for the political landscape of NYC, as he competes against notable figures like former governor Andrew Cuomo and Republican Curtis Sliwa. The outcome could reshape the city's future and reflect changing voter sentiments.

Polls have opened in New York City for a historic mayoral election, where voters will choose between Democratic nominee Zohran Mamdani, independent Andrew Cuomo, and Republican Curtis Sliwa. Mamdani, who has been leading in the polls, is generating excitement among younger voters with his plans to make the city more affordable, while his tax proposals for the wealthy have raised concerns among Wall Street leaders. This election is significant as it reflects the changing priorities of New Yorkers and could shape the city's future.

In a surprising turn of events, some CEOs have expressed their discontent over a potential win by Zohran Mamdani, indicating a possible revolt against his leadership. However, Jamie Dimon, the CEO of JPMorgan Chase, has taken a different approach, stating he would reach out to Mamdani to offer his assistance. This situation highlights the contrasting reactions among corporate leaders and raises questions about the future dynamics in the business world, especially if Mamdani's win comes to fruition.

New York City Comptroller Brad Lander has publicly endorsed Zohran Mamdani for the mayoral race, expressing confidence in his potential to lead the city effectively. This endorsement is significant as it highlights Lander's belief in Mamdani's vision and capabilities, which could influence voters and shape the upcoming election. With the city's future at stake, Lander's support may galvanize more backing for Mamdani, making this endorsement a pivotal moment in the race.

Apollo CEO Marc Rowan has reassured investors by addressing concerns regarding the health of the private-credit asset class, easing worries and highlighting the stability of the sector.

Apollo CEO Marc Rowan has reassured investors by addressing concerns regarding the health of the private-credit asset class, easing worries and highlighting the sector's resilience.

Aviat Networks reported a remarkable 21.4% increase in revenue for Q1 FY2026, surpassing market expectations. This growth highlights the company's strong performance and positive outlook in the telecommunications sector.

Stoke Therapeutics recently presented its Q3 2025 results, showcasing impressive revenue growth alongside significant advancements in its clinical programs. The company's progress highlights its commitment to developing innovative therapies, making it a key player in the biotechnology sector.

Amgen has reported a 12% increase in revenue for Q3 2025, prompting the company to raise its guidance due to strong product performance. This positive trend highlights the effectiveness of their strategies and the growing demand for their offerings.

Corsair's Q3 2025 slides indicate a strong growth trajectory, despite missing earnings forecasts. The company is navigating challenges while showcasing resilience in its performance.