Andrew Cuomo insists he hasn’t made a decision about stepping back from the New York City mayoral race, even after facing a setback from emerging candidate Zohan Mamdani in the Democratic primary last week. Meanwhile, the business sector is gearing up to influence his decision.
Their plan appears to be aimed at undermining Cuomo’s independent bid in the general election this fall. This would potentially clear the path for current Mayor Eric Adams, making it easier for him to fend off concerns about a Communist takeover of City Hall, particularly given Cuomo’s lackluster campaign against Mamdani.
If they can gather sufficient backing, the hope is that Cuomo will come to the realization that he simply lacks the financial resources to compete in November, effectively nudging him out of the race.
“For us, Andrew’s preferences don’t really matter,” remarked a businessman who previously supported Cuomo, now backing the efforts to move him out. “He ran a poor campaign, and we can’t risk repeating that mistake.”
The stakes are high. With the focus on potentially seizing control of New York’s economic center, concerns arise about government-run initiatives and significant tax increases on wealthy individuals that were promised during the campaign.
Despite not being the largest voting bloc, the NYC business community’s support is crucial for both Cuomo and Adams. Without robust financial backing to counter Mamdani’s rising popularity, their campaigns may struggle, especially as local matching funds seem limited.
Insiders are acutely aware of the threat Mamdani poses—just last week, former Cuomo supporter Bill Ackman recently backed Adams, possibly shifting the dynamics further.
However, skepticism about Cuomo’s prospects is palpable. One government affairs officer from a prominent Wall Street firm noted, “Cuomo is missing in action. He really needs a couple of big donors to step up and publicly support him; otherwise, it doesn’t look promising for his campaign.”
Cuomo has tried to deflect blame for his absence from the campaign trail, maintaining that pre-election surveys indicated he was in a strong position and didn’t require extensive outreach to balance Mamdani’s progressive base.
He even contends that it’s Adams who is “unelectable,” despite Adams’ margin of victory being substantial, with over ten points separating them in the final count.
Cuomo and his team believe that Adams, who won as a Democrat four years ago, has muddied his image in recent controversies, including accusations linked to a corruption scandal that were dropped only after Adams agreed to President Trump’s deportation initiatives.
Furthermore, Cuomo’s camp pointed to a recent poll from Hona Strategy Group showing Adams falling behind Mamdani if Cuomo were to withdraw. They speculate that if Adams struggles, Cuomo’s numbers could strengthen in head-to-head matchups in the general election.
Despite the poll data potentially slowing anti-Cuomo sentiment, many business leaders still express deep reservations about giving him another chance. They recall his lackluster concession speech and bold proposals, like taxing wealthier New Yorkers more to fund his initiatives.
Meanwhile, Adams is reportedly engaged in discussions with top business figures, facilitated by a former aide, to build a consensus against Cuomo’s continued involvement in the race.
“People in the business community have started to ask how they can assist and share their thoughts on winning,” said the aide. “This really ramped up right after Mamdani’s victory.”
Last weekend, Cuomo was seen at a wedding in East Hampton, resulting in speculation about his future plans. When asked about his candidacy, he affirmed, at least for now, that he intends to stay in the race. However, he did suggest that things could change if a path to victory becomes unclear.
Cuomo’s team claims he was merely considering options as he prepares to release more polling data, showcasing his competitive edge against Mamdani compared to Adams and GOP candidate Curtis Sliwa.
Yet, whether the business community is convinced remains uncertain.
