"Zohran Mamdani has had to overcome a lot during his campaign to be New York City's next mayor. His age, relative lack of experience and his self-stated democratic socialism could have held him back. Yet the 33-year-old, a relative unknown 12 months ago, sailed through all challenges as he became the favorite to win the election in November. One thing still looms over Mamdani, however: New York City's billionaire class, and the not-unrelated real estate lobby."
"Mamdani has terrified some traditional big-money Democratic donors and powerful real-estate tycoons by promising to freeze rent prices and raise taxes slightly on the wealthiest 1% of New Yorkers. Such promises prompted elites to spend millions during the Democratic primary, which didn't work. Mamdani coasted past Andrew Cuomo, the former New York governor but the rich aren't done yet. Some of New York's wealthiest landlords and business people gathered with Cuomo this month to plot his path to City Hall."
"Days after that meeting, Bill Ackman, a hedge fund manager and some-time activist who has a net worth of nearly $10bn, also weighed in. Ackman, who has donated to Democrats, but supported Donald Trump in 2024, called for Eric Adams, the incumbent mayor who, like Cuomo, is running as an independent candidate, to drop out of the race to clear the path for the former governor."
Zohran Mamdani overcame youth, limited experience, and democratic socialism to become the leading candidate for New York City mayor. Mamdani proposed a rent freeze and a roughly 2% surtax on residents earning over $1 million, alarming wealthy donors and the real-estate industry. Those elites spent millions in the Democratic primary and convened with former governor Andrew Cuomo to strategize opposition. Hedge fund manager Bill Ackman urged incumbent Eric Adams to withdraw and warned that higher taxes would drive the wealthy from the city, while also pledging significant funds to block Mamdani. Mamdani secured more than 570,000 primary votes despite elite resistance.
Read at www.theguardian.com
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