New York City’s wealthy elite and business leaders are sounding the alarm after Democrat mayoral nominee Zohran Mamdani secured a spot on the 2026 ballot. The reason? Mamdani is a self-proclaimed socialist who openly argues that billionaires shouldn’t exist. He champions radical policies, such as government-run grocery stores, free housing, and universal healthcare—ideas that would expand state control and increase public dependency. Now, with Mamdani on the rise, the city is bracing for a potential “exodus of billionaires” and a chilling effect on investment and economic growth.
During a segment on “Meet the Press” on Sunday, Mamdani was asked whether he believes billionaires have a right to exist, to which he said “no.”
“I don’t think we should have billionaires because frankly it is so much money and in a moment of such inequality and ultimately what we need more of is equality across our city and across our state and across our country,” Mamdani said.
“I look forward to working with everyone, including billionaires, to make the city that is fair for all of them,” he continued.
🚨 BREAKING – ZOHRAN MAMDANI: “I don’t think that we should have billionaires.”
Oh man…
— Eric Daugherty (@EricLDaugh) June 29, 2025
While Mamdani’s rhetoric may sound appealing to some, many forget what socialism truly entails. At its core, socialism centralizes power in the hands of the government. When the state controls the economy—industries, wages, and prices—it also gains influence over individual freedoms, including where you work, what you can own, and even what you’re allowed to say.
In addition, when the government controls how much money a person can earn and operates major industries, profit incentives and competition are often eliminated. Without these driving forces, businesses become inefficient, sluggish, and unresponsive to their customers. The Left often complains about so-called “authoritarianism” under President Donald Trump—but if Mamdani takes office, they’ll find out what real government overreach looks like.
Mamdani’s victory has sent shockwaves through New York’s real estate circles, with top agents reporting a surge in calls from clients looking to pause business plans in Manhattan—or leave the city altogether.
John Boyd Jr, founder of Florida-based corporate site selection specialist The Boyd Co., said there are “alarms going off among many key executives as well as the billionaire class about New York becoming a socialist run city.”
Eric Benaim, a leading real estate broker in Manhattan, said that “It’s the most devastating thing (to our industry) since 9/11.”
“We are going to have the biggest exodus of New Yorkers since Covid – except this time, they’re not going to come back. That’s going to change New York,” he added.
Additionally, Mamdani doubled down on his plans to kick ICE out of New York, suggesting he is committed to keeping Manhattan a sanctuary city.
🚨 JUST IN: Muslim socialist Zohran Mamdani DOUBLES DOWN on plans to kick ICE out of NYC
Are you committed to keeping New York a sanctuary city?
ZOHRAN: “Absolutely…I will be PROUD to stand up…those days [of arrests] are going to come to an END.”pic.twitter.com/1Ck4X615nv
— Eric Daugherty (@EricLDaugh) June 29, 2025
