New York City is closer to electing a democratic socialist mayor. Businesses have mixed feelings

New York City is one of the most expensive cities in the world to live in, a fact that guided many New Yorkers’ votes in Tuesday’s mayoral primary election.

New York City is one of the most expensive cities in the world to live in, a fact that guided many New Yorkers’ votes in Tuesday’s mayoral primary election. Like his fellow candidates, Zohran Mamdani has put affordability at the forefront of his campaign. But his ideas, which include rent freezes for households living in rent-stabilized units, free buses and city-run subsidized grocery stores, have made him stand out. Mamdani, a 33-year-old three-term state assemblyman, is inching closer to seeing his vision come to fruition after he and fellow front-runner former Gov. Andrew Cuomo conceded the race to him late Tuesday. Still, Cuomo left the door open to running as an independent in November, which incumbent Mayor Eric Adams is also doing. If Mamdani ultimately wins, some businesses and labor groups will be celebrating while others are bracing for potential economic consequences. Critics say his proposals could backfire. One group, the Partnership for New York City, which represents a group of nearly 300 CEOs, said many of Mamdani’s proposals are pipe dreams. (The group does not endorse mayoral candidates.) The group’s CEO, Kathryn Wylde, said Mamdani’s proposals to freeze rent for four years for over a million people in affordable housing and raise the corporate tax rate to 11.5% would hurt New Yorkers.