Michael Toss, a researcher at the University of Texas at Austin’s Civitas Institute, shared with Fox News Digital that proposals like freezing rents for businesses owned by Zeeran Mamdani and increasing taxes could push companies out of New York City.
Since Mamdani’s surprising electoral win, there’s been pushback from businesses against his progressive agenda. Notable figures, such as Gristedes CEO John Catsimatidis, have expressed concerns over Mamdani’s plans to establish city-owned grocery stores and impose a 1% tax increase if he secures victory in November.
“We have a socialist mayor on the far left attempting to grasp the reins of the global financial hub,” Toss remarked in an exclusive discussion. “It’s a clash, like oil and water.”
Toss, who analyzes economic and regulatory reform, discussed Mamdani’s election leading to a “stampede” of businesses leaving the city in his essay titled Escape from New York.
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The researcher argued that Mamdani’s approach is fundamentally flawed, stating, “It wasn’t a New York City built in the city.”
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“If I were a New Yorker seeking an affordable home, I certainly wouldn’t want to be in a city governed by Zohran Mamdani,” Toss remarked.
Affordability is central to Mamdani’s campaign, which also includes initiatives like free, rapid bus service and complimentary childcare. His “grassroots energy” stands in contrast to figures like former Governor Andrew Cuomo, Mayor Eric Adams, and Republican candidate Curtis Sliwa, who take opposing views in the lead-up to the general election.
“The elite and powerful politicians have made living in New York unmanageable for many, and our campaign is rallying tens of thousands of volunteers eager for a transformative political approach.”
However, Toss emphasized that Mamdani seems to misunderstand supply and demand dynamics. “He’s fundamentally altering the challenges businesses face in providing goods to consumers, consistently,” Toss stated, adding, “More supply is better for buyers, while increased government demands can drive up costs.”
Toss pointed out a broader trend, suggesting that the New York mayoral race could indicate a shift of American capital towards cities like Dallas and areas in Florida.
“If New Yorkers choose Mamdani,” he warned, “these policies could reshape cities for decades to come.”
Mamdani has been straightforward about his disdain for capitalism, even telling CNN’s Erin Burnett earlier in June that he holds substantial criticisms of it.
When addressing pushback from business leaders, particularly grocery owners, Mamdani expressed that he envisions a “partnership” with grocery store and bodega owners, despite his intentions to launch five city-owned stores this November.
“I want to collaborate with all New Yorkers and have communicated with numerous grocery store proprietors, acknowledging their vital role in our community,” Mamdani shared.
Meanwhile, recent polls indicate that, according to the latest Suffolk University Cityview survey, 45% of New Yorkers are very likely or likely to support Mamdani in the upcoming mayoral election.
Fox News Digital has reached out to Mamdani’s campaign for comments but hasn’t received a response yet.
