Top New York investor offers to work with Zohran Mamdani
One of New York’s most renowned investors struck a conciliatory tone with the city’s newly elected mayor, Zohran Mamdani, having donated over $1m to rival candidates during the campaign.
Bill Ackman congratulated the Democratic socialist on his victory in a post on X and said: “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”
Ackman had been a long-term critic of the new mayor throughout the campaign, throwing his weight behind his main opponent Andrew Cuomo and a major donor to anti-Mamdani groups.
He had previously described Mamdani’s policies as “disastrous for NYC” and said that “socialism has no place in the economic capital of our city”.
New York’s 111th mayor ran on a campaign pledging free bus fares, rent freezes and wealth taxes.
It was a political upset that came hurtling at America’s biggest city in slow motion, ever since his shock win in the Democratic primaries in June.
As Mamdani’s campaign built up steam, eyebrows have been raised amongst New York’s business and financial leaders about how exactly he plans to run this global financial centre.
New York braces for Mamdani-Trump showdown
In his victory speech, Mamdani positioned his victory as the antidote to Trump’s victory this time last year, when almost every part of the country – including New York – tilted red.
He said that the result is proof that “hope is alive” and “in this moment of political darkness, New York will be the light”.
“For as long as we can remember, the working people of New York have been told by the wealthy and the well-connected that power does not belong in their hands.”
President Trump has already hinted that federal funding may be withdrawn from New York City if Mamdani becomes mayor. Following the victory, he posted in all-caps on Truth Social: “…AND SO IT BEGINS!”
US politics does not have a formal Leader of the Opposition until a presidential nominee is chosen in 2028, meaning Mamdani is likely to take an outsized role in Trump-era politics.
Could London vote for a Mamdani candidate?
Sadiq Khan was quick off the marks to congratulate the new mayor in a post on X at 3am, whilst drawing parallels to his own political career.
The London mayor, first elected back in 2016 as Labour’s anointed candidate, said of the insurgent campaign: “New Yorkers faced a clear choice – between hope and fear – and just like we’ve seen in London – hope won.”
A key takeaway from this cycle in New York is that highly unpredictable, and unlikely, candidates can emerge when the main parties leave a vacuum.
Though Mamdani’s win is historic, his opposition was also historically weak, from the discredited former governor Andrew Cuomo and perennial Republican candidate Curtis Sliwa – not to mention, the previously indicted incumbent mayor Eric Adams.
Establishment Democrats, who felt impervious to a serious Republican challenge after three successive victories, forgot to defend their left flank.
Green party leader Zack Polanski, told Sky News on Wednesday morning that this is a “delightful moment”, praising Mamdani’s “relentless focus on inequality”.
City PM columnist James Ford predicted last week that Polanski could be a serious candidate for London Mayor at the next election in 2028, and the social media savvy Green leader could well model a campaign on Mamdani’s.
Meanwhile, Jeremy Corbyn and Zarah Sultana’s new political outfit Your Party hosted a mayoral election watch-along at a pub in Tottenham overnight.