A supermarket billionaire says changes in New York might force him to cut his workforce and move his businesses to “friendly states.”
Zohran Mamdani’s shocking mayoral win in New York City is already having its impacts.
Mamdani’s campaign was built around many bold promises, including higher taxes for the rich, rent freezes, free childcare, faster buses, free public transit, and city-run grocery stores.
New York Billionaire Might Leave New York
New York billionaire and supermarket mogul John Catsimatidis says he’s now considering cutting jobs and moving his business out of New York, citing uncertainty under the Mamdani administration.
For all the news that the Hudson Valley is sharing, make sure to follow Hudson Valley Post on Facebook, and download the Hudson Valley Post Mobile App
“I think a lot of business people are reducing their exposure to New York City,” he told Forbes. “The keyword is a common-sense place to do business.”
Catsimatidis is a nearly lifelong New Yorker. His estimated net worth is $4.8 billion. He’s the founder of Red Apple Group. He owns the New York City-based supermarket chains Gristedes and D’Agostino Supermarkets.
His company claims the combined Gristedes and D’Agostino operation constitutes the largest supermarket chain in New York City.
Thinking Of Moving New York Businesses To Florida
Getty Images for The Alzheimer’s
Getty Images for The Alzheimer’s
He also operates hundreds of convenience stores and gas stations under the Kwik Fill, Red Apple Food Marts, and Country Fair brands across New York, Pennsylvania, and Ohio.
He says he’s considering moving his businesses to “friendly states,” citing Florida as the most likely state. Catsimatidis considers President Donald Trump a friend.
“He actually called me the other day, he’s concerned his stores are going to be taken from him, and they won’t be run like John runs them, believe me, he runs a good operation,” Trump said.
Keep Reading: Where It’s Cheapest To Live In All Of New YorkThousands of Jobs Might Be Lost
Catsimatidis also says he will have to cut his workforce. He employs thousands in New York.
“Can you imagine a tax-free supermarket that pays no commercial rent tax, no sales tax… I mean, how do you compete against that?” “You can’t fight city hall,” Catsimatidis said.
Mamdani’s plans for city-run grocery stores and tax hikes on the wealthy are what worry Catsimatidis the most.
He told Business Insider that he’s diversifying to avoid putting “all my eggs in one basket.”
Keep Reading:
The Richest People Living In New York StateThe Richest People Living In New York State
A number of Empire State residents are among the richest in the nation. We found out how they made their billions and how much each is worth.
New York Counties Who Support Mandani The Most/Least
Note, these are unofficial results as of 8:15 a.m. Wednesday morning
3 Hometowns In Hudson Valley Among 20 Richest In America
3 Hometowns In Hudson Valley Among 20 Richest In America