Mark Cuban has joined the chorus of critics against Zohran Mamdani, a left-leaning mayoral candidate in New York City, particularly with his proposals for rent freezes and affordable grocery options.
The billionaire entrepreneur and former owner of the Dallas Mavericks expressed doubt about Mamdani’s campaign promises, suggesting they sound too idealistic. “We’re cutting rent, right? We’re changing grocery stores. That stuff has no chance. It’s not a problem,” Cuban remarked during an appearance on the “Pod Save America” podcast on Sunday.
Mamdani, a 33-year-old democratic socialist, aims to freeze rents in stable apartments and establish city-owned grocery stores that don’t incur rent or property taxes, with the intention of passing savings to shoppers.
“This guy claims he’s going to walk on water. He’ll make money for me, save me money, and improve my life,” Cuban said, drawing a parallel between Mamdani and former President Donald Trump. He pointed out that both politicians attract voters through lofty promises, regardless of their feasibility.
“That’s classic Trump strategy. But does it even matter?” Cuban added, expressing skepticism about Mamdani’s commitments in another statement to Business Insider. “Until we actually see the process or a clear plan to implement these promises, they just feel like empty words.”
Cuban likened Mamdani’s approach to Trump’s controversial campaign assertions, such as the claim that Mexico would fund a border wall. “It’s always about saying something will happen, with someone else footing the bill. That strategy seems like an easy way to win votes,” he commented.
Interestingly, Cuban mentioned that he wouldn’t support Mamdani due to not residing in New York City.
Mamdani’s emergence has stirred anxiety among the business community. Many influential billionaires and corporate leaders have openly criticized him, funded his rivals, and hinted at withdrawing their businesses from the city.
One of Mamdani’s most vocal opponents is hedge fund mogul Bill Ackman, CEO of Pershing Square. He has called into question the legitimacy of Mamdani’s political victories, particularly what he deems a “socialist” agenda. Ackman has raised concerns about low turnout in primary elections, suggesting it paves the way for radical policies to gain traction.
Elon Musk, CEO of Tesla and SpaceX, has also expressed worries about Mamdani’s policy direction post-election. David Sachs, a venture capitalist, criticized Mamdani’s anti-profit sentiments on social media, suggesting they could motivate businesses to leave the city.
Moreover, billionaire grocery store and real estate investor John Catsimatidis warned he would either scale back investments or relocate his supermarket chain if Mamdani takes office. He raised fears that Mamdani’s proposals, including the establishment of city-owned stores and increased taxes, would make New York less appealing for business.
Jamie Dimon, CEO of JPMorgan Chase, described Mamdani as leaning “more towards Marxism than socialism,” urging voters to reject his wealth taxation proposals. At a public event, Dimon characterized Mamdani’s economic platform as damaging to New York’s financial landscape.
Real estate leaders have also rallied against Mamdani. Marc Holliday, CEO of SL Green Realty, hosted a fundraiser for Mamdani’s adversaries, aiming to consolidate elite opposition. Notable developers Kenneth and Maria Fishel co-hosted similar fundraising events, while investor Jared Epstein worked to support alternative candidates.
Mamdani has noted that he envisions a fair city for everyone, including billionaires, though this sentiment has done little to ease the surge of resistance from New York’s business elite, many of whom have backed political action committees aimed at hindering his campaign.
This article is currently seeking comments from Cuban, Mamdani, and the White House.
