In the wake of Zohran Mamdani’s upset victory in New York City’s Democratic primary six weeks ago, the city’s real estate executives and financiers are reportedly forming super PACs in an effort to defeat the self-described democratic socialist.
Mamdani’s 12-point win came even as he ran a much tighter financial campaign than former Gov. Andrew Cuomo, who is now running as a third-party candidate in the general election and who enjoys broad support among New York’s business elites.
“The long-held idea in politics that the candidates with the most money win is no longer an assured position,” Grace Rauh, the executive director of Citizens Union, told The New York Times. “That is part of the reason why many wealthy donors and interests who are looking at this race, in New York and perhaps beyond, are responding in a bit of a state of panic.”
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