Earlier this month, the president of the Real Estate Board of New York (REBNY) sent a clear message to members still trying to stop Zohran Mamdani from becoming New York City’s next mayor.
James Whelan told a Crain’s New York Business breakfast that he sees no reason to doubt polls showing Mamdani with a big lead. “We will be looking to work closely with Mayor Mamdani if he is the mayor on Nov. 4,” he said.
Whelan also mentioned a private meeting with Mamdani that included REBNY chair Jed Walentas, a Brooklyn real estate developer. He described Mamdani as “personable” and a “good listener.”
This is notable because Mamdani’s plans—like freezing rents for rent-regulated apartments, raising taxes on wealthy New Yorkers and corporations, and increasing city spending—are unpopular with most real estate executives and many business leaders. Whelan’s willingness to work with him sends a big signal that some in business are preparing for a Mamdani administration.
While the news has focused on the big executives who funded campaigns for former Gov. Andrew Cuomo or Mayor Eric Adams (who recently dropped out), most business leaders have now shifted their attention. They expect Mamdani to win and want to start building relationships with him.
“Most business leaders want to be in a position to help Mamdani achieve his goals of making the city more affordable and more fair,” said Kathryn Wylde, CEO of the Partnership for New York City, which represents the city’s largest corporations. “Their main concern is whether his administration can actually get things done.”
Bloomberg News recently reported that a Mamdani-supporting group called OneNYC is forming a business advisory committee. Members are expected to include Andrew Milgram of Marblegate Asset Management and Kevin Ryan, a leading tech investor in the city.
Smaller business groups are also preparing. Some Manhattan Chamber of Commerce members still hope for an alternative candidate, but many are looking ahead. Chamber President Jessica Walker is already drafting a “day-one” plan for the new mayor.
“Whoever becomes mayor needs a real plan for our economy,” Walker said. “We need safe streets, less red tape for small shops, and a clear signal that New York City is open for business.”
Some business leaders are still trying to block Mamdani. They include owners of rent-regulated buildings worried about a four-year rent freeze, older Jewish executives concerned about his pro-Palestinian stance, and wealthy hedge fund managers who oppose his tax plans. But their efforts failed badly in the primary.
Even some experienced executives admit they misread the political climate. Land-use lawyer and former City Council member Ken Fisher said younger staffers at his firm kept predicting Mamdani would win, even though he didn’t believe it.
Most business leaders, like many voters, aren’t following every campaign detail. With the year’s fourth quarter underway, executives are focused on finishing strong, says Julie Samuels of Tech:NYC. After the election, they expect their trade groups to engage with the new mayor on key issues.
Business leaders say their biggest worry is who Mamdani will appoint to top positions. Public safety is at the top of the list, with decisions like whether Jessica Tisch remains police commissioner seen as early signs of his approach.
Some appointments have raised eyebrows. Mamdani’s inner circle includes younger, progressive figures and people from the de Blasio administration, which was seen as anti-business. Comptroller Brad Lander, a likely key appointee, is viewed as too progressive by some executives. Maria Torres-Springer, Adams’ former deputy mayor for housing and economic development, recently took a position at the Charles H. Revson Foundation, taking her out of the running for Mamdani’s team.
No matter who Mamdani appoints, business leaders agree on their main role.
“As an association, we have to work with the next mayor to support restaurants and nightlife, while also pushing back against anti-small-business policies when needed,” said Andrew Rigie, Executive Director of the New York Hospitality Alliance.
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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