The summer in the Hamptons has wrapped up, and for those on Wall Street, returning to the city feels more daunting than ever.
The hot topic among New York’s influential figures isn’t so much when Eric Adams may exit the mayoral race, but rather the discomfort it brings. There’s a growing concern that even if he does step aside, Zoran Mamdani’s rising popularity might propel him into the mayor’s office.
A notable complication arises from GOP candidate Curtis Sliwa, who insists he isn’t going anywhere despite pressures from business leaders and even Trump.
“There’s no spell to this,” Sliwa told me on Thursday morning. “I have a $4 million matching fund. Money is coming in. I’ve seen more growth in the last two quarters than Cuomo and Adams combined.”
Many of Adams’ Wall Street backers are feeling the strain. Some have expressed hope that the current mayor can shake off his poor polling and controversial past. Yet, that may not suffice to quell the fervor for Mamdani, particularly among younger and more progressive Democrats in this predominantly blue city.
There are also whispers that Adams could land a position with the Trump administration or, according to a Wall Street executive, with a think tank, which seems like an odd fit for someone like Adams. Rumors suggest a private sector opportunity might be on the table as well, especially as one prominent financier is anxious about the situation and thinks a move might need to happen soon.
If Adams does exit, it could clear the way for former Governor Andrew Cuomo to make a more straightforward attempt at Gracie Mansion, possibly preventing the city from leaning towards a more leftist agenda.
It’s hard to predict what Sliwa will do if attractive offers come from the private sector, but I think he’s guided more by principle than profit.
No one, at least from what I’ve heard, is applying direct pressure from the White House onto Sliwa.
One obstacle Sliwa faces is the financial implications of dropping out. Candidates must repay public funds if they leave the race, and Sliwa is benefiting from those matching funds.
Still, insiders claim he’s never been driven by money. Many believe he could still opt out even if external pressures from the White House or the private sector emerge. Veteran activists think they could manage a three-way race against both Mamdani and Cuomo.
The business elite aren’t necessarily captivated by the wildcard nature of Sliwa, but he seems to be the preferred choice over other contenders. The same applies to Trump, who has occasionally maintained ties with Sliwa. Their concern arises when they assess potential voter shifts; Sliwa’s presence could inadvertently boost Mamdani’s chances if he stays in the race.
As reported previously, Trump expressed concerns to NYC businessman John Catsimatidis, voicing worries about Mamdani taking the lead in a three-way matchup, hoping both Adams and Sliwa would step back.
Despite his extensive holdings in New York City real estate, Trump still holds considerable value, alongside others in his circle, like his son-in-law Jared Kushner.
It’s difficult to say how all of this will play out. Speculation about Adams potentially bowing out has circulated, but it might be premature to attribute that to Cuomo’s influence. Those in Adams’ financial camp seem unclear on a pathway forward.
Polls indicate Cuomo has the potential to defeat Mamdani, yet Wall Street types appear to remain skeptical and anxious about the outlook. That atmosphere looms over the entire scenario despite Sliwa’s commitment to stay in the race. With about 20% of the vote currently, Mamdani could win a three-way contest quite easily, which would spook business leaders.
The prospect of a Mamdani mayorship is unsettling for many in the business community that traditionally aligns with Wall Street and real estate. Should Mamdani realize his vision, it might usher in significant tax hikes and increased government control.
One financier candidly remarked, “If Mamdani wins, there could be a silver lining—property values in the Hamptons would likely skyrocket.”
