US Wall Street Moguls Campaign Against Hardline Leftist Running for New York Mayor

[Financial News] As the mayoral election in New York, USA, approaches this November, financial and real estate moguls have launched a campaign to defeat the Democratic candidate. They have organized a political fundraising group to block the 33-year-old candidate who has come forward with hardline pledges, such as freezing rent, even within the left-wing camp.

The Wall Street Journal (WSJ) reported on the 10th (local time) that on the 8th, a group named 'New York Citizens for a Better Future Market 25' completed its activity registration with the New York State Election Commission. According to sources, the group plans to conduct a campaign against Zoran Kwame Mamdani, who was confirmed as the Democratic mayoral candidate on the 1st. They are classified as an independent expenditure group and plan to raise at least 20 million dollars (about 27.5 billion won). Independent expenditure groups are similar to the traditional political action committees ('super PACs') in US elections, which can raise money to support or oppose specific candidates.

WSJ claimed that wealthy financiers in New York are also pursuing political fundraising to prevent Mamdani's election. Mamdani, a former New York City council member, is an Indian Muslim who defeated Democratic heavyweight Andrew Cuomo, the former governor of New York, in the Democratic primary on the 1st. Given New York's traditional strong support for Democrats, Mamdani's victory could lead to the first Muslim mayor. Mamdani is set to compete against current New York Mayor Eric Adams on November 4th.

Until last year, Mamdani was relatively unknown but gained attention with his bold pledges. He announced plans to improve the living conditions of New York's working class, known for its high living costs as the world's financial capital. He promised to freeze apartment rents, raise the minimum wage, abolish city bus fares, and expand free childcare, while funding these initiatives through increases in corporate taxes, property taxes, and high-income taxes.

New York's financiers and real estate developers opposed Mamdani's pledges. Donald Trump, the US President who became a tycoon based on New York's real estate business, said in an interview on the 29th of last month that Mamdani is "completely a communist." He warned that even if Mamdani becomes New York's mayor, he would still be president, and "if Mamdani doesn't do things right, New York City won't receive a penny from the federal government."

Jamie Dimon, CEO of JP Morgan Chase Bank, said at an event on the 10th that Mamdani is "closer to a Marxist than a socialist." He criticized, "His pledges are ideological illusions with no meaning in the real world." Bill Ackman, founder of Pershing Square Asset Management, a US hedge fund, had previously publicly declared his support for current Mayor Adams in the New York mayoral election.

Currently, Mamdani is considered too radical even within the Democratic Party. If Democratic rebel votes go to an independent candidate, Mamdani cannot guarantee victory. The Republican Party has fielded Curtis Sliwa as a candidate for this election, and Adams, who was previously a Democrat but left the party due to a corruption scandal, is likely to run for re-election as an independent. Local media predict that Cuomo, who lost in this month's Democratic primary, may also run as an independent in the mayoral election.






pjw@fnnews.com Park Jong-won Reporter