Topline<\/p>\n
The Associated Press called the New York City mayoral race for Democratic New York State assemblymember Zohran Mamdani on Tuesday night, nearly 40 minutes after polls closed in the race also featuring former New York Gov. Andrew Cuomo and Republican nominee Curtis Sliwa.<\/p>\n
New York City Mayoral candidate Zohran Mamdani celebrates during an election night event at the Brooklyn Paramount Theater in Brooklyn.<\/p>\n
AFP via Getty ImagesTimeline<\/p>\n
11:30 p.m. ESTMamdani is greeted by cheering supporters as he delivers his victory speech, starting with a quote from American socialist leader Eugene Debs, \u201cI can see the dawn of a better day for humanity.\u201d<\/p>\n
\u201cMy friends we have toppled a political dynasty. I wish Andrew Cuomo only the best in private life, but let tonight be the final time I utter his name as we turn the page on a politics that abandons the many and answers only to the few,\u201d Mamdani said.<\/p>\n
Mamdani said New York voters have delivered a \u201cmandate for change\u201d and \u201cmandate for a new kind of politics.\u201d<\/p>\n
\u201cThank you to the next generation of New Yorkers who refused to accept that the promise of a better future was a relic of the past,\u201d Mamdani said thanking young voters who formed a key part of his coalition. <\/p>\n
10:15 p.m. ESTMamdani became the first New York mayoral candidate to secure more than 1 million votes since 1969, with 12% of the vote yet to be tallied. The last person to hit that mark was former mayor John Lindsay, who ran and won as an independent in 1969.<\/p>\n
9:55 p.m. ESTThe Associated Press estimated 83% of the votes were counted, with Mamdani capturing 50.5% (972,905 votes), ahead of Cuomo\u2019s 41.4% and Sliwa\u2019s 7.3%<\/p>\n
9:34 p.m. ESTThe Associated Press called the race for Mamdani, who captured just over half of the tallied votes with an estimated 75% of the votes counted.<\/p>\n
9:14 p.m. ESTMamdani\u2019s odds on prediction market Kalshi rose to 98%, while Polymarket showed a 100% chance.<\/p>\n
8:45 p.m. ESTThe New York City Board of Elections reported<\/a> 2 million votes had been cast\u2014the most in a mayoral election since 1969.<\/p>\n 8:40 p.m. ESTMamdani\u2019s odds on Kalshi hit 95%, while Polymarket showed a 97% chance for the self-described democratic socialist to become the next mayor.<\/p>\n 6 p.m. ESTVoter turnout in New York City reached over 1.8 million, the city\u2019s highest in a mayoral election turnout since 1993, according to The New York Times<\/a>, which noted turnout is on pace to surpass 2 million votes. <\/p>\n 5:30 p.m. ESTMamdani\u2019s odds of victory reached 93% on Kalshi and as high as 94.6% on Polymarket on Tuesday afternoon.<\/p>\n 3 p.m. ESTCuomo\u2019s odds were at 7% on Kalshi and 5.5% on Polymarket around the same time, while Sliwa\u2019s odds of winning were around 1% on both betting sites.<\/p>\n 6 a.m. ESTPolls opened in New York City, set to remain open through 9 p.m.<\/p>\n Get Forbes Breaking News Text Alerts: We\u2019re launching text message alerts so you’ll always know the biggest stories shaping the day\u2019s headlines. Text \u201cAlerts\u201d to (201) 335-0739 or sign up here<\/a>.<\/p>\n What Billionaires Have Gotten Involved In New York City\u2019s Election?<\/p>\n At least 26 billionaires<\/a> sunk donations into the mayoral election, with $22 million worth of funds going to groups opposing Mamdani. Former Mayor Michael Bloomberg donated $8.3 million to the Fix the City super PAC, which backed Cuomo and also received a donation from Airbnb cofounder Joseph Gebbia. The Lauder family also donated to Fix the City, dishing out $2.6 million to the super PAC and anti-Mamdani group Sensible City. Hedge fund manager Bill Ackman put up $1.75 million to Fix the City and Defend NYC.<\/p>\n What Has Trump Vowed To Do About A Mamdani Victory?<\/p>\n Trump urged voters to back Cuomo<\/a>, a former Democratic candidate running as an independent, a day before polls closed, saying he would rather see a Democrat win the election than a \u201ccommunist with no experience,\u201d referring to Mamdani, a member of the Democratic Socialists of America. Trump, who was born and raised in New York City, told \u201c60 Minutes\u201d days prior to the election it would be \u201chard\u201d to provide federal money for the city because \u201cif you have a communist running New York, all you’re doing is wasting the money you’re sending there.\u201d The president reiterated the idea Monday before Mamdani\u2019s win, saying in a Truth Social post \u201cit is highly unlikely that I will be contributing Federal Funds, other than the very minimum as required\u201d to New York City.<\/p>\n What Has Wall Street Said?<\/p>\n Wall Street expressed concern about a Mamdani victory, with Dean Lyulkin, CEO of private investment firm Cardiff, telling Reuters<\/a> he was viewing it as a risk in 2026. He added, \u201cActual policy often turns out much more benign than campaign rhetoric, but if other major cities follow this pattern, markets may start pricing in more tax and regulatory risks.\u201d Peter Cardillo, chief market economist at Spartan Capital Securities, also spoke to Reuters before the election, noting that despite a Mamdani win, \u201cI don’t think we’re going to see the drastic program that he is proposing go into effect.\u201d Wall Street firms doing business in investing, advising and wealth management overwhelmingly donated to pro-Cuomo groups, according to a Business Insider<\/a> analysis, while contributions from research, human relations and corporate operations firms favored Mamdani.<\/p>\n Key Background<\/p>\n Mamdani won the Democratic nomination for mayor, as well as an endorsement from the Working Families Party, a progressive and left-leaning party, giving him two listings on the ballot<\/a>. He defeated Cuomo for the Democratic nomination with 56% of the vote in June, which is what led to Cuomo running as an independent candidate. Mamdani\u2019s campaign has turned Republican and Democratic heads alike for supporting policies that, if enacted, would raise the corporate tax, freeze rent for rent-stabilized apartments and make city buses fare free.<\/p>\n Further Reading<\/p>\n Here\u2019s How Much New York Mayor-Elect Zohran Mamdani Is Worth<\/a> (Forbes)<\/p>\n These Are The Billionaires Donors Behind Tuesday\u2019s Elections<\/a> (Forbes)<\/p>\n