Billionaire Vows to Crush Socialist Zohran Mamdani: 'Hundreds of Millions Ready to Back a Competitor'

A battle over New York City's future is being waged not only at the ballot box but in boardrooms and donor circles.

Democratic socialist Zohran Mamdani, who has surged to the front of the mayoral race on promises to freeze rents and tax millionaires, is facing a coordinated pushback from some of the city's wealthiest power brokers.

Hedge fund manager Bill Ackman and other billionaires have pledged 'hundreds of millions of dollars' to back rival Andrew Cuomo, but despite the money flowing into the race, polls show Mamdani still holding a strong lead.

Billionaires Mobilise Against Mamdani

As per the New York Times, some of the city's wealthiest gathered to confer with Andrew Cuomo, Mamdani's opposing candidate. The group gathered to discuss how he can win, with the city's most prominent developer pleading for a united front.

Among people who attended was billionaire Bill Ackman, a hedge fund manager with a net worth of $10bn. He called for Eric Adams, the incumbent mayor, to drop out of the race to clear Cuomo's path to victory.

Ackman, along with New York's one-percenters, claimed that Mamdani's tax proposal would cause the rich to flee the city. Ackman promises to invest huge amounts in blocking Mamdani from power.

'There are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight,' he said in June via X.

How Much Support is Cuomo Getting From the Rich?

An analysis revealed that real estate donors have spent $6m trying to get Cuomo to come out ahead. Meanwhile, The New York Times said that $250,000 came solely from a Boston-based construction company aiming to expand into New York.

There's also Michael Bloomberg, who spent $8.3 million to support Cuomo over the summer. In addition, Ron Lauder donated $750,000 to back Cuomo just this month.

In August, John B. Hess, who heads the Hess corporation, gave his second $500,000 donation to Cuomo's run. The reports of the donations were all gathered into an analysis on Zohran's opposition by The Guardian.

How is Mamdani Still Leading?

Despite high-profile individuals backing Cuomo's efforts, Mamdani still holds a commanding lead. A Marist poll found him winning 45% of the vote, with Cuomo at 24%, while others had the remaining ballots.

This explains why Cuomo's supporters are reeling and are asking for the other two candidates to drop out of the race. They're aiming to consolidate the different donors and voters, with US President Trump reportedly weighing in as well.

Trump's advisors have enticed Adams with a job offer should he step down from the election. Given the circumstances, Sumathy Kumar, NYS Tenant Bloc managing director, has weighed in.

Kumar said that 'it's just not working' because tenants want a rent freeze and the ability to stay in New York City.

In addition, Ana Maria Archila, co-state director for the New York Working Families Party, said that Zohran 'tapped into a broadly shared sentiment that something has to change'.

She said that his proposal of concrete solutions is why people are supporting his campaign. As such, 'power brokers and billionaires are frustrated, and scared, because their demands are not the centre piece of Zohran's agenda'.

Originally published on IBTimes UK