Since a left -wing politician in New York, who is probably the democratic mayor candidate for the largest city in the United States, seems, business interests melt on the prospects of his tax platform, which aims to improve basic services.
Zohran MamdaniA 33-year-old meeting member of Queens took over on Tuesday in the city’s democratic primary and campaign of the city and tirelessly concentrated on the cost of living and suggested that urban food and free buses and childcare were proposed. It is a five alarm fire for the 1% of the city and its business elite.
“The reaction of the business world to the victory of a member of the democratic socialists is a combination of surprise and deep concern,” Kathryn Wilde, CEO of the partnership for New York City, told Assets by email. Since very few have hit him, “their views are defined by his campaign rhetoric and the negative ads against him,” she said.
Billionaire Hedgefonds Manager Bill Ackman Offered, someone who runs against Mamdani, a bankroll bankroll that implied that his mayor would boost a flight with the ultra-rich flight. “If about 100 of the highest taxpayers in my industry have decided to spend 183 days elsewhere, this could X Thursday.
John Castimatidis, the owner of the food chain of Gristedes, moved his corporate offices to New Jersey for the duration of Mamdani, during the financial analyst Jim Bianco accused New York of “Wahl to commit suicide from the mayor.” Governor Kathy Hochul, who has been moderate as an economy and has prevented the idea of tax increases that the state would have to approve. say“I don’t want to lose people through Palm Beach anymore.”
The conversation is simple, it is difficult to move
Does New York City have the risk of a billionaire exodus? The story suggests no.
This is not the first time that the mouthpieces of Wall Street and the annoyed business owners threatened to have chosen a progressive mayor. In 2013, Bill de Blasio won the mayor on a tax platform with a high income of New York, but de Blasio hit with The managers of the Manhattan industry, such as the former Goldman CEO of Goldman Sachs, Lloyd Blankfein and Rupert Murdoch, win the elites. The tycons remained and the residents of Wall Street. De Blasio has now implemented a universal PRE-K program that has proven be an economic player and help to reduce Income inequality.
In recent years, top -class examples of billionaires have been recorded that the northern states left to Florida or Texas, including the founder of the citadel, Ken Griffin, who moved from Chicago to Florida in 2022and billionaire investor Carl Icahn, who left New York for the Sunshine State in 2019. But for Icahn, who was 83 years old at that time, the move “More about lifestyle than taxes”, taxes, “but taxes”, was around 83 years old. Reuters reported.
Reality is for both individuals and companies that the choice of a move includes many factors, including what the location has to offer and what it costs.
“What makes New York attractive is that we have an excellent job market to have great human capital. Companies want to be here, and their employees like to be in New York City,” said Ana Champeny, Vice President for Research at the Citizens Budget Commission Assets.
Champeny added that high taxes like other factors play in equation. New York City counts state and local taxes and collects $ 12,751 per capita, more than California 10,346 US dollars. “We are well above average and we are significantly higher than with high taxes,” she said. “There is always a risk that people decide to change and companies will choose to move, but increasing our taxes would further increase this risk.”
Back to the 1980s?
While not all companies can take up and go physically, New York’s real estate sector fears that the money will do that if Mamdani breaks through its promise to freeze rents-a factor that led the lobby’s lobby to lobby for millions In the rivals Andrew Cuomo’s main campaign.
Kenny Burgos, CEO of the New York Housing Association, which represents the landlords, argued that further restrictions on rents would influence the ability of the landlords to pay repairs, which means that 40% of the city’s real estate is unaffordable and ultimately “go away” the owners of real estate.
“You have free, deteriorated buildings, abandoned buildings, similar to the Bronx in the 1970s and 1980s” Assets. “You cannot accept them and go somewhere, so we are forced to fight with a potential administration that threatens the livelihood of these buildings. ”
In fact, the landlords forced the mass abuse in these decades and its tenants to take over a large part of the housing stock, which led to the creation of hundreds of thousands of inexpensive apartments. (From the perspective, the current mayor of New York tried to maintain approval for A program Build 80,000 new units over 15 years).
The CEO of the partnership for the New York CEO, Kathryn Wylde, encourages the members to concentrate on the facts, and states that “a large part of Mamdani’s agenda cannot be achieved by a mayor, but the province of the governor and the legislator. A mayor cannot, for example, or income taxes,” she said. She planned partnership members to meet the candidate to whom he is “very open”, added.
Progressive The economist Paul Krugman is one of many who believe that the possibility of deterioration in the crime, which accelerates the deterioration of the New York, is overrated. Compared to the criminal eighties, “New York is one of the safest places in America and probably more safe as never before,” he said, and remembered his own childhood, which had grown up in the suburbs of the city when the Times Square was full of sex shops, and Columbia University ceased private security to protect the faculty houses.
“New York problem is not widespread now, or frightening immigrants. It is affordable,” it is affordable. ” he wrote. “And while we can and should discuss the likelihood of Mamdani’s probabilities, the affordability was the main focus.”
