The Billionaires Who Tried—and Failed—to Stop Zohran Mamdani
Over 20 billionaires donated to super PACs either supporting Andrew Cuomo or opposing Zohran Mamdani in the New York City mayoral race. Despite this, Mamdani triumphed over a Republican opponent, a fellow Democrat, and a powerful billionaire-backed opposition in the Tuesday election.
Historic Victory
Zohran Mamdani, a self-described democratic socialist, will become the first Muslim mayor of New York City and the youngest mayor in over 100 years. With more than 2 million voters participating—the highest turnout in a mayoral race in over five decades—Mamdani secured just over 50% of the vote with approximately 90% of ballots counted on Wednesday morning.
Campaign Focus and Policies
The 34-year-old candidate ran on addressing growing financial insecurity in the city by proposing rent freezes, free buses, and universal childcare. To fund these initiatives, Mamdani pledged a modest tax increase on the wealthy, including New York City’s millionaires, along with higher corporate tax rates.
Billionaire Opposition
More than 20 billionaires mobilized financially to block Mamdani’s path to office, beginning in the Democratic primary where he first confronted former Governor Andrew Cuomo. These donors were alarmed by his advocacy for higher taxes on the rich and his often-expressed view that billionaires should not exist.
“Spooked by the prospect of paying slightly higher taxes, and by his often-repeated belief that billionaires shouldn’t exist, more than 20 billionaires pulled out their checkbooks to stop Mamdani from becoming mayor of the United States’ most populous city.”
Summary
Zohran Mamdani overcame intense billionaire opposition to win a historic mayoral race focused on affordability and social justice in New York City.