Some CEOs have vowed to revolt against a Zohran Mamdani win. Jamie Dimon says he’ll ‘offer my help’
Good morning. It’s election Day here in New York City. US President Donald Trump has endorsed former New York Governor Andrew Cuomo for mayor and called on New Yorkers to defeat “communist” Zahran Mamdani in a post on Truth Social. But in my conversations with business leaders over the past few weeks, I sensed a more nuanced stance toward the 34-year-old social democrat who is now leading in the polls. As one Wall Street executive in Miami pointed out to me: “He’s changed his mind on some things (like defunding the police), and needs to get support on others (like raising state tax rates), so let’s see how he does.”
Here are some issues on the radar for business:
High taxes — Mamdani said he could raise $10 billion through an additional 2% income tax on payrolls over $1 million, raising the state’s top corporate tax rate to 11.5%, shifting purchases and collecting the nearly $700 million owed to the city. But Mamdani himself admitted that the bulk of these moves require legislative measures beyond his control.
Business immigration – Dave Portnoy of Barstool Sports has threatened to move its headquarters to New York City if Mamdani is elected. This would affect just over 300 people. But Jamie Dimon of JP Morgan, which has 24,000 employees in the city, said so recently luck Editor-in-Chief Allison Shontell said he would help Mamdani or whichever mayor wins the election. “You know, we survived [Mayor] “Bill de Blasio. New York will survive,” he said.
City-operated stores —If you want to bet on the odds of Mamdani’s plan to open a government-run grocery store in every district, talk to one of my favorite people to interview: John Catsimatidis, who runs the Gristedis and D’Agostino supermarkets in New York. Opening a business with a 2% profit margin in a city that already gets top scores for equitable access to groceries seems like a losing proposition. Catsimatidis threatened to close stores if Mamdani wins. Maybe he’ll go back to his previous offer to give the mayor a store to run.
Real estate – Mamdani’s promise to freeze rents for 2 million New Yorkers in rent-stabilized apartments means higher rents for everyone else. This, combined with the potential for higher taxes, is reviving interest in real estate in the city’s affluent suburbs. But affordability is a real issue, with CEOs telling me it’s difficult to attract talent to the city because of the cost of living, especially for startups and industries like fashion and advertising that can’t offer Wall Street salaries.
General Z – New Yorkers are frustrated with housing costs, job opportunities, and more, and want to change the status quo. This isn’t unique to New York, of course, and CEOs worry that the next generation of leaders doesn’t trust companies or government to be on their side. If Mamdani can ignite enthusiasm for civic engagement among Gen Z, it could be a boon to everyone.
Just a reminder to join my colleagues Jeff Colvin and Cheryl Estrada for a conversation on “Optimizing the Human-Machine Workforce,” next Thursday, November 13, from 11:00 AM to 12:00 PM ET. They will be joined by Nitin Mittal, Global AI Leader at Deloitte, and INRIX CFO, Thad Stricker. You can register here.
More news below.
Connect with the CEO daily via Diane Brady at diane.brady@fortune.com
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CEO Daily is compiled and edited by Angelica Ang, Nick Gordon and Claire Zelman.
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2025-11-04 09:04:00
