It’s been a whirlwind month for Zohran Mamdani, the newly elected mayor of New York City, as the city’s political and business landscapes shift around him in anticipation of his administration. Mamdani, a democratic socialist whose campaign promises have rattled Wall Street and delighted progressives, now faces a city at a crossroads—one grappling with tragedy, political polarization, and the daunting challenge of making good on ambitious reforms.
Just days before Thanksgiving, a deadly shooting near the White House in Washington, D.C., sent shockwaves through the nation. According to multiple reports, on November 27, 2025, two National Guard members—Specialist Sarah Beckstrom, aged 20, and Staff Sgt. Andrew Wolfe, 24—were shot at close range. The suspected shooter, Rahmanullah Lakanwal, a 29-year-old Afghan national who arrived in the United States in 2021 under Operation Allies Welcome, was quickly arrested and is now being investigated for possible links to terrorism. Tragically, Specialist Beckstrom succumbed to her injuries, as President Donald Trump announced on Thanksgiving Day. Staff Sgt. Wolfe remains in critical condition.
The incident set off a fierce debate online, especially after Mamdani posted a message of condolence on X (formerly Twitter): “I’m devastated to learn of the passing of Specialist Sarah Beckstrom, a member of the West Virginia National Guard. She was only twenty years old.” That simple statement, meant to honor Beckstrom’s sacrifice, drew fire from right-wing commentator Laura Loomer. Loomer accused Mamdani of ignoring what she called “Islamic terrorism,” and went so far as to label him “NYC’s jihadist mayor.” She added, “Zero mention of Islamic terrorism from NYC’s Islamic jihadist mayor... Idk why Muslims even bother commenting on tragedies unless they plan on condemning the act of Islamic terror.” Loomer’s criticism didn’t stop there—she has previously compared Mamdani’s election win to “another 9/11,” and called his comments “very antagonistic to actual blood and soil Americans.”
This isn’t the first time Loomer has targeted Mamdani, who is of Indian-Ugandan descent and soon to be the city’s first mayor from a Muslim background. Despite Loomer’s repeated claims, President Trump himself recently denied calling Mamdani a jihadist, even describing the socialist Democrat as “a great guy” after a private meeting. Still, the political temperature remains high, with the Trump administration responding to the D.C. shooting by announcing a suspension of Afghan immigration processing and a review of green card approvals from 19 countries. Trump has also vowed to “permanently pause migration” from all “third world countries,” though he declined to specify which ones.
Against this backdrop of national turmoil, New York’s business community finds itself in an unfamiliar position—reaching out to a mayor they once worked hard to defeat. In the run-up to the election, corporate and Wall Street leaders poured $40 million into political action committees to try to block Mamdani, arguing his proposals on crime and taxes would drive companies out and make the city less competitive. But since Mamdani’s resounding victory on November 4, 2025, the tone has shifted. Some business leaders are still wary, but others are extending olive branches, hoping to work with the incoming administration.
JPMorgan Chase CEO Jamie Dimon called Mamdani to offer his assistance, and hedge fund manager Bill Ackman—who had previously tried to recruit candidates to run against Mamdani—publicly congratulated him. Ackman wrote on social media, “Some have been surprised by my conciliatory post. Mamdani won a decisive election. He is going to be our mayor for the next four years.”
Mamdani has reciprocated, quietly meeting with city stakeholders since winning the Democratic primary in June to build support for his affordability agenda and hear out concerns. His early administrative appointments—Dean Fuleihan as first deputy mayor (a role he held under Bill de Blasio), and Jessica Tisch staying on as NYPD Commissioner—have reassured skeptics that he intends to fill City Hall with experienced hands. At the same time, Mamdani has requested resignations from 179 employees of the outgoing Adams administration, signaling a new direction.
Yet, the road ahead is fraught with challenges. Mamdani campaigned on raising New York’s corporate tax rate from 7.25% to 11.5%, and increasing taxes by two percentage points for New Yorkers earning more than $1 million. These hikes, almost unanimously opposed by banking and corporate sectors, are intended to fund expansive programs: universal child care, free bus transit, and a public grocery store pilot. State lawmakers, including Governor Kathy Hochul, are currently reviewing these proposals. Business leaders warn that increased taxes could worsen the city’s affordability crisis and hurt the economy. Kathryn Wylde, CEO of the Partnership for New York City, stated, “We see increased taxes as only contributing to a further affordability crisis. The goal, as far as we’re concerned, is to reduce costs, so we don’t have to constantly increase government spending.”
Mamdani, for his part, has promised to root out government inefficiencies by hiring more auditors, streamlining contracts, and ramping up fines. He’s also enlisted Lina Khan, former chair of the Federal Trade Commission, to lead efforts against predatory business practices using local laws. Khan argues that the mayor has the power to sue “corporate lawbreakers” for offenses like price gouging through city agencies such as the Department of Consumer and Worker Protection.
Meanwhile, the real estate industry is bracing for a fight. Mamdani’s pledge to freeze rent increases for the city’s one million regulated apartments—by appointing sympathetic members to the rent guidelines board—has landlords worried about maintaining their properties amid rising costs. Kenny Burgos, head of the New York Apartment Association, warned, “There is a myth that rent-stabilized housing is financially healthy. The reality is that one-third of the buildings are in fiscal distress and basically bankrupt, and another third will be bankrupt after four years of rent freezes.”
On the other hand, Mamdani’s plan to spend $100 billion in public funds to build 200,000 subsidized homes over the next decade has been welcomed by some in the housing sector. David Schwartz of Slate Property Group remarked, “It’s exciting that we have a mayor who wants to produce tremendous amounts of affordable housing.”
Not all of Mamdani’s relationships with the private sector are adversarial. The city’s tech industry, in particular, has shown enthusiasm for his agenda. Employees of Google, Meta, and Amazon were among the largest donor groups to his campaign, reflecting support among the city’s young professionals. Julie Samuels, president of Tech:NYC, noted, “A lot about Zohran’s campaigns felt disruptive, and that resonated a lot with tech. Part of it is an age thing, too. You’re going to have all these digital natives in City Hall, and that’s a good thing.”
Still, not everyone is convinced. Supermarket magnate John Catsimatidis, a longtime Trump supporter, initially convened a roundtable of business leaders to form a “watchdog group” monitoring Mamdani’s administration, though he later said he wanted to find common ground. “The one thing that we all hold in common is that we all love New York … and we want New York to thrive like it always has,” Catsimatidis said at a news conference.
As New York prepares for a new era under Mamdani, the city remains a microcosm of national debates—over immigration, security, economic fairness, and the future of urban life. The coming months will reveal whether Mamdani’s vision can unite a city as diverse and divided as New York, or whether the forces aligned against him will prove too entrenched to budge. For now, all eyes are on City Hall, and the stakes couldn’t be higher.
