Zohran Mamdani, the democratic socialist extraordinaire, apparently thinks hobnobbing with New York’s corporate elite is a productive pastime. Fresh off his primary win, he’s set to charm the city’s titans of industry—between bites of city-run grocery store produce, no doubt. Naturally, these business moguls, who liken him to a Marxist bogeyman, predict a capital flight that could make the Great Depression look like a minor market correction. The question isn’t whether the city will suffer but how deep the economic wounds will run if Mamdani prevails in November’s election.
As the city’s financial aristocracy gathers, one wonders if this meeting is some bizarre reality show crossover: “When Capitalists Meet Socialists.” Mamdani, an assemblyman from Queens, has decided to soften his rhetoric, presumably to avoid causing mass fainting spells among the suits. Behind closed doors, away from prying journalistic eyes, over 100 executives will gather to humor his socialist overtures. Will they nod politely as he proposes policies that could, in theory, make Ayn Rand spin in her grave?
In the blue corner, we have the Partnership for New York City, a powerhouse collective of 350 industry heavyweights. Its board boasts luminaries like Henry Kravis and Jamie Dimon, who recently took a swipe at Mamdani’s policies, equating them to ideological gibberish unfit for the real world. Dimon, with the kind of candor that only a billionaire can afford, lambasted the Democrats for their newfound infatuation with Mamdani’s leftist policies, including his quaint idea of government-run grocery stores and a rent freeze. These policies, he suggests, are the economic equivalent of wearing a parachute made of lead.
Despite the board’s reservations, a few pragmatic souls among them are willing to entertain Mamdani’s visions of a socialist utopia. Kathryn Wylde, the Partnership’s chief executive, is open to dialogue, perhaps recalling the enchanting times under Bill de Blasio’s progressive administration. Whether this is optimism or Stockholm syndrome remains to be seen.
So here we stand, on the cusp of a potential economic experiment that could redefine New York City’s financial landscape—or unravel it entirely. As the corporate elite exchanges pleasantries with Mamdani, the rest of us are left pondering: will the city reinvent itself under a democratic socialist, or will it simply devolve into a cautionary tale for generations to come?
