Zohran Mamdani Elected NYC Mayor

A bad day for the billionaires.

by Joshua Carroll

5 November 2025

Democratic candidate for New York City Mayor, Zohran Mamdani, shakes the hand of a cab driver while campaigning in Manhattan’s Upper East Side neighborhood during early voting, in New York City, U.S., October 27, 2025. REUTERS/Mike Segar TPX IMAGES OF THE DAY

Zohran Mamdani, whose insurgent campaign has inspired hope among progressives worldwide, has won the race to become mayor of New York, a historic political upset that wealthy landlords and billionaires fought hard to prevent. 

Mamdani, a Muslim and democratic socialist, was the clear favourite as polls closed at 9pm local time on Tuesday, having won broad support for his plans to tackle the escalating cost-of-living crisis in the US’s largest city.

He pledged to freeze rents, build more affordable housing, make buses free, provide free childcare up to the age of five, open non-profit supermarkets to cut food prices and raise the minimum wage to $30 (£23) an hour by 2030. 

His platform also includes plans to halve fines for small businesses while raising the corporate tax rate and applying a wealth tax – a 2% increase for those earning above $1m (£766,000) a year. 

He is one of the few prominent US politicians who has labelled Israel’s assault on Gaza a genocide, and has said he will enforce an international criminal court arrest warrant for Israeli prime minister Benjamin Netanyahu if he travels to New York. 

Tuesday’s runner-up, former New York governor Andrew Cuomo, ran as an independent after losing to Mamdani in a Democratic Party primary in June.

Various billionaires poured over $40m (£30m) into Cuomo’s campaign. Airbnb co-founder Joe Gebbia donated $2m (£1.5m) to two political action committees (PACs). Trump-supporting hedge fund manager Bill Ackman gave $1.2m (£920,000).

Among Mamdani’s supporters are Bernie Sanders and Alexandria Ocasio-Cortez, two other superstar Democrats who challenged the pro-corporate establishment wing of their party during their campaigns. Former New York mayor Bill de Blasio also endorsed Mamdani. 

Sanders said earlier this week that a Mamdani victory would be “one of the great political upsets in modern American history.”

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