Assemblyman Zohran Mamdani, widely recognized as the leading Democratic contender in the ongoing New York City mayoral race, emphasized that ensuring the city’s affordability remains the central factor in attracting and retaining technology industry leaders and executives. During the campaign’s first debate, which took place on Thursday evening, the candidates were challenged with a question about how they would persuade technology entrepreneurs and CEOs—many of whom have expressed concern about rising corporate tax rates—to choose New York City over other increasingly popular urban centers such as Dallas. The moderators sought to uncover each candidate’s strategies for sustaining the city’s role as a global hub for innovation while addressing its evolving economic realities.
This question carried particular significance for Mamdani, who identifies as a democratic socialist and whose policy platform is built on an agenda that includes higher taxation for the most lucrative corporations and the wealthiest individuals in the city. His economic framework calls for increasing the corporate tax rate to 11.5%, as well as raising the income tax on residents earning more than $1 million annually to 2%. According to Mamdani, the funds generated from these measures would be allocated toward strengthening essential public services, such as developing affordable and reliable transportation systems and instituting universal childcare programs. Despite the potential controversy surrounding these proposals, during his debate response Mamdani did not directly reference or defend his tax plan. Instead, he shifted his focus toward his broader affordability initiative, arguing that the key to attracting top business leaders lies not merely in tax incentives but in creating an environment where prospective employees can afford to live, work, and thrive within city limits.
Illustrating this perspective, Mamdani declared that his primary objective is to transform New York into a city where workers, from engineers to service employees, can realistically afford to reside near their places of employment. He articulated his conviction that if the city becomes more livable for everyday workers, corporations and start-ups alike will recognize it as an environment that nurtures innovation and stability. “We are going to make this city more affordable,” he stated, “so that the workers who wish to build their careers at these companies are actually able to do so.” He further vowed to maintain an economic climate that encourages new businesses to open and ensures that existing enterprises remain viable in the long term—an approach grounded in the belief that affordability and economic dynamism are inextricably connected.
Throughout the evening, moderators repeatedly pressed Mamdani to reconcile his progressive social and economic policies—such as proposed rent freezes and tax increases—with the complex dual identity of New York City: a metropolis that simultaneously serves as the world’s financial capital and as home to large numbers of residents who struggle to meet basic needs. Recent research from Columbia University’s Center on Poverty and Social Policy underscores this contradiction, revealing that approximately one in every four New Yorkers currently lives in poverty, even as the city boasts hundreds of thousands of millionaires. Melissa Russo, a veteran New York journalist and one of the debate moderators, posed a particularly pointed question to Mamdani: given that New York is both the symbolic headquarters of Wall Street and a city embraced by the Democratic Socialists of America, how could he effectively serve as “the mayor of Wall Street and the DSA” simultaneously?
In response, Mamdani asserted that his overarching aim is to foster the creation of wealth for all New Yorkers, not merely for those already benefiting from the city’s immense economic power. He contended that the existing financial system—dominated by powerful corporate interests and entrenched political structures—has contributed directly to the high poverty levels now confronting the city. According to him, small business owners and working-class residents are increasingly being displaced, marginalized, or priced out due to what he described as “corporate greed, private equity influence, and political inaction” that have collectively failed to safeguard the common good. This statement reflected his consistent message: that prosperity, if it is to be sustainable, must be rooted in a broader base of inclusion and equity.
However, Mamdani’s public positions do not mean that he operates in an ideological vacuum or avoids engagement with those outside his political camp. Behind closed doors, he has taken deliberate steps to build dialogue with some of the city’s most prominent figures in the technology and investment sectors. For instance, in July he appeared at a private fireside chat in Midtown Manhattan, an event that drew an audience of approximately two hundred start-up founders and venture capitalists, as reported by Business Insider’s Melia Russell. According to several attendees, many were surprised by the pragmatism and openness he exhibited during the discussion—a quality not always associated with candidates carrying democratic socialist labels. Kevin Ryan, a respected venture capitalist who served as moderator for the event, praised Mamdani for his willingness to enter spaces where his ideas might meet resistance, noting, “He’s engaging even though he knows that many people in the room don’t agree with a number of his positions. I’ll give him credit for reaching out.” Ryan’s remark encapsulated the impression that Mamdani, while firmly committed to his principles, is also seeking common ground with the city’s innovation leaders.
By emphasizing affordability as the linchpin of his vision for New York City’s future, Mamdani has reframed what could have been a narrow policy debate about taxes into a broader dialogue about what makes an urban economy thrive. His argument suggests that the vitality of a city ultimately depends on whether it offers both opportunity and livability for those who create its economic and cultural output. In that sense, his message resonates not only as campaign rhetoric but as a call to rethink how prosperity is distributed in one of the world’s most complex urban landscapes.
Sourse: https://www.businessinsider.com/zohran-mamdani-tech-ceos-nyc-mayoral-debate-affordability-2025-10
