Socialist Zohran Mamdani, the leading candidate for New York City mayor, acknowledged on Monday that he may have to devise a backup plan to finance his ambitious $10 billion agenda filled with generous programs if he is unable to secure tax hikes on the ultra-wealthy and corporations, according to the New York Post. Speaking at a campaign event focused on affordability in Queens, Mamdani reiterated that taxing affluent individuals is the “most straightforward and productive way” to fund initiatives such as free public transportation, city-run grocery stores, and other popular proposals.
However, Mamdani stressed that ensuring these programs receive funding is what really matters, regardless of the funding source. “Whether this comes from additional taxes, a more favorable tax assessment, previously unmentioned funds, or realized savings, the crucial point is that the programs are funded,” he said.
This openness to alternative funding options aligns with Mamdani’s private discussions over recent months with New York City business leaders during meetings organized by the Partnership for New York City. Despite his insistence on raising taxes for wealthy individuals and businesses, Mamdani also acknowledged the need for a “Plan B” given the likelihood that state lawmakers and Governor Kathy Hochul—who opposes tax increases—may reject his proposals.
Kathy Wylde, president of the pro-business group, noted that Mamdani was clear about his objectives but displayed a willingness to consider different methods for achieving them, including routing revenue generation through other channels or reallocating existing resources.
Mamdani’s push for tax increases on millionaires and corporations has alarmed some in the business community, with billionaire supermarket owner John Catsimatidis warning he might close his grocery chain if Mamdani is elected. Since winning the Democratic primary decisively in June, Mamdani has attempted some outreach to business leaders but concerns remain about the feasibility of his expansive agenda and its effect on the city’s economy.
According to The Post, Jeff Gural, chairman of GFP Real Estate and co-founder of Patriotic Millionaires—an organization that supports higher federal taxes—said he cautioned Mamdani that raising rates in New York City could trigger an exodus.
“Higher taxes on the wealthy at the federal level is a good idea,” Gural reportedly said. “But people can move if you raise taxes at the city and state level.”
Although Mamdani remains committed to his $10 billion vision with free services and expanded programs, he has acknowledged the reality that alternative financial strategies may be necessary to implement his plans if targeted tax increases do not pass the political hurdles at the state level. The priority, Mamdani says, is to ensure funding is secured one way or another in order to deliver on his promises to New Yorkers.
