{"id":30206,"date":"2025-11-06T00:44:08","date_gmt":"2025-11-06T00:44:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/30206\/"},"modified":"2025-11-06T00:44:08","modified_gmt":"2025-11-06T00:44:08","slug":"rich-new-yorkers-freaking-out-after-zohran-mamdanis-win","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/30206\/","title":{"rendered":"Rich New Yorkers freaking out after Zohran Mamdani’s win"},"content":{"rendered":"

Wealthy New Yorkers are feverishly calling their financial advisers after Zohran Mamdani\u2019s blowout mayoral win<\/a>, desperately looking to protect their investments, their paychecks \u2013 and even themselves, On The Money has learned.<\/p>\n

The fatcat freakout began late Tuesday as the election was called for Mamdani \u2013 and is expected to last for days as rich New Yorkers assess how they might escape the financial chaos that Mamdani could unleash<\/a> \u2013 even if it means leaving the city altogether<\/a>.<\/p>\n

\u201cThe calls are coming in,\u201d said one financial adviser at Morgan Stanley told The Post, just hours after the 34-year-old lefty assemblyman and former rapper was named mayor-elect \u2013 easily defeating former Gov. Andrew Cuomo and GOP challenger Curtis Sliwa.\u00a0<\/p>\n

AFP via Getty Images<\/p>\n

\u201cPeople are really worried,\u201d the advisor added. \u201cMany are telling me they\u2019re looking to move everywhere from Florida to Connecticut.\u201d<\/p>\n

A key problem for those eyeing the exits, according to advisers, is that options are limited.\u00a0<\/p>\n

\t\t\tMore From\t\t\t\t\t\t\tCharles Gasparino<\/p>\n

Clients who need to work in the city could move to Westchester or Long Island where it\u2019s safer, although their tax bills might not decline much. While they won\u2019t be hit with the millionaires levy, property taxes in the New York burbs are among the highest in the nation.<\/p>\n

Ditto for New Jersey, which also has some of the highest utility bills in the country because its Democratic governor Phil Murphy is obsessed with windmills and green energy. Democrat Mikie Sherrill\u2019s victory over Jack Ciattarelli means the Murphy agenda will remain intact.<\/p>\n

Connecticut offers lower taxes (full disclosure: this reporter owns property in the state) but housing stock is limited so prices are expected to soar.<\/p>\n

\u201cSome of my big-money clients will wait this out rather than run immediately to Florida because they hate the hot weather,\u201d a financial adviser said.\u00a0\u00a0The Miami skyline, above.\u00a0 littleny \u2013 stock.adobe.com<\/p>\n

There\u2019s always Florida, which has no income tax and has a government that puts public safety high on its agenda. Then again, you have to move there and not every job, even for the rich, is conducive to such arrangements.<\/p>\n

\u201cSome of my big-money clients will wait this out rather than run immediately to Florida because they hate the hot weather,\u201d another financial adviser said.\u00a0\u00a0\u00a0<\/p>\n

Such heightened financial apprehension is usually reserved for stock market corrections and crashes like what occurred when President Trump unleashed his massive \u201cliberation day\u201d tariffs, or during the 2008 banking collapse.<\/p>\n

With Mamdani as mayor, wealthy New Yorkers are fearing something just as worrisome: An inexperienced leftist ideologue who sees the rich as his piggy bank to finance the vast social welfare program he envisions.\u00a0<\/p>\n

A copy of Wednesday\u2019s New York Post at the New York Stock Exchange. AP<\/p>\n

More big bucks will be needed from the so-called 1% \u2013 New Yorkers who are already paying some of the highest taxes in the country \u2013 to fund Mamdani\u2019s government-run groceries, rent freezes, and free transportation. He\u2019s promising a \u201cmillionaire\u2019s tax\u201d to pay for these things and other levies.<\/p>\n

In addition to high taxes, real estate prices are expected to swoon as more people leave and the quality of life suffers. That\u2019s while he defunds the police and replaces them with social workers to achieve his radical \u201csocial justice\u201d goals that view criminality as a just rebellion against racism.\u00a0<\/p>\n

\u201cThere were a lot of my clients who were truly on the fence about leaving who say they\u2019re now ready to go with this guy running things,\u201d another adviser said.<\/p>\n

Yet for all the wealthy people preparing to call U-Haul, I found a few examples of others staying put \u2013 wagering that their Marxist mayor is nothing more than a neophyte with a thin resume who won\u2019t get anything done.\u00a0<\/p>\n

If Mamdani tries, some are betting he will be thwarted by a more moderate New York state legislature and a Democratic governor In Kathy Hochul, since both are needed to approve any tax increases and swaths of Mamdani\u2019s harebrained agenda.<\/p>\n

New Jersey has some of the highest utility bills in the country because its Democratic governor Phil Murphy is obsessed with windmills and green energy. Mikie Sherrill\u2019s victory over Jack Ciattarelli means the Murphy agenda will remain intact. AP<\/p>\n

As one billionaire hedge fund manager put it: \u201cWhy leave? This guy\u2019s a punk.\u201d<\/p>\n

\t\t\t\t\t\t\tCharlie Gasparino has his finger on the pulse of where business, politics and finance meet\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tSign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n

That might be wishful thinking, according to several financial advisers who believe Mamdani could achieve most if not all of his policy agenda. They point to the leftward tilt of the state legislature. Plus Hochul is among the weakest moderates in the Democratic Party. She\u2019s up for re-election next year and faces a primary challenge from a progressive in the Mamdani mold.\u00a0\u00a0<\/p>\n

Consider Cuomo\u2019s last term-and-a-half as governor, in which he lurched leftward to appease the increasingly powerful progressive wing of his party, raising taxes and passing so-called \u201cbail reform\u201d measures that weakened public safety.\u00a0<\/p>\n

That\u2019s the same Cuomo who attacked Mamdani as an out-of-touch \u201csocialist\u201d only to get shellacked by him first in the Democratic Primary and, of course, on Tuesday night.<\/p>\n","protected":false},"excerpt":{"rendered":"Wealthy New Yorkers are feverishly calling their financial advisers after Zohran Mamdani\u2019s blowout mayoral win, desperately looking to…\n","protected":false},"author":2,"featured_media":30207,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[288,3640,18523,426,57,6548,9,24,55,54,56,563,11323,3417,82],"class_list":["post-30206","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-business","tag-florida","tag-investments","tag-kathy-hochul","tag-metro","tag-moving","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-nyc-mayoral-election-2025","tag-on-the-money","tag-wall-street","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/30206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=30206"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/30206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/30207"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=30206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=30206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=30206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}