Odd Lots Podcast Summary: "What NYC's Most Powerful CEOs Think About Zohran Mamdani"

Release Date: July 11, 2025

In this compelling episode of Bloomberg's Odd Lots, hosts Joe Weisenthal and Tracy Alloway delve into the dynamic intersection of New York City's political landscape and its influential business community. The focal point of the discussion is Zohran Mamdani, a rising star poised to become NYC's next mayor, and the perspectives of the city's powerful CEOs regarding his candidacy.

Introduction to Zohran Mamdani's Mayoral Surge

The episode opens with Tracy Alloway highlighting Mamdani's unexpected surge in the polls following a prior interview on Odd Lots.

Tracy Alloway [01:25]: "Former Odd Lots guest is very likely to be the next mayor of New York City."

Zohran Mamdani credits the timing of his surge post-interview as coincidental, while Alloway reflects on listeners' impressions, noting that many appreciate Mamdani's intelligence and policy understanding despite disagreements with his ideas.

Tracy Alloway [01:48]: "I heard from a lot of people who were like, I don't like any of his ideas at all, but I still like the guy and find him impressive and intelligent."

This bipartisan appeal, Alloway suggests, may have contributed to Mamdani's significant victory.

Tension Between Capitalism and Democratic Socialism in NYC

Mamdani elaborates on the inherent tensions within New York City—a hub of capitalism and home to numerous billionaires—faced with the rise of a Democratic socialist candidate.

Zohran Mamdani [02:29]: "You have a lot of money here, a lot of billionaires... and now you have this Democratic socialist candidate proposing something new."

He draws parallels to historical periods in the 1950s and 1960s, suggesting that such ideological conflicts are not unprecedented but remain "fascinating."

The Business Community's Reaction and Partnership for New York City

The hosts introduce Kathy Wild, President and CEO of the Partnership for New York City, characterized as a key power broker among NYC's business elites. Wild's organization acts as a bridge between businesses and government, advocating for the city's economic interests.

Kathy Wild [04:02]: "The Partnership brings disciplined risk management expertise that spans 30 market cycles."

During the discussion, Wild explains the Partnership's role in advising and supporting the city, emphasizing collaboration over opposition with local government bodies.

Kathy Wild [05:09]: "The Partnership's relationship to government is really as an intermediary between business and government."

Primary Night Shock and Reassurance Efforts

The episode recounts the shock experienced by the business community on primary night when Mamdani surged ahead. Wild describes the immediate reactions and the subsequent efforts to reassure business leaders.

Joe Weisenthal [06:11]: "The mood on primary night was one of hysteria. Shock was first, and people were questioning, 'Who is this person?'"

Wild addresses misconceptions about Mamdani's capabilities, clarifying that certain policies attributed to him, such as raising corporate taxes or implementing free buses, are beyond the mayor's authority.

Joe Weisenthel [08:53]: "Reassuring them that many of the things they were most worried about from a Democratic socialist candidate were things that he has absolutely no capacity to execute on."

This reassurance extends to affirming that Mamdani would operate within the system's checks and balances, mitigating fears of abrupt policy overhauls.

Relationship with the Jewish Community and Foreign Policy Concerns

A significant portion of the conversation centers around the business community's concerns regarding Mamdani's stance on Israel and his engagement with the Jewish community in NYC.

Tracy Alloway [12:36]: "Why does the mayor of New York have to have a foreign policy?"

Wild elaborates on the historical and cultural ties between NYC and Israel, emphasizing the importance of maintaining strong relations.

Joe Weisenthel [13:11]: "The mayor of New York City has been involved in issues that impact the Jewish community about Israel, which they're very concerned about."

This concern stems from the city's longstanding support for diversity and its deep-rooted connections with Jewish philanthropists and institutions.

Campaign Financing and Business Community Engagement

The discussion shifts to the implications of Mamdani's grassroots campaign on traditional campaign financing, noting a potential shift in donations from established figures like Cuomo to Mamdani or other candidates like Eric Adams.

Tracy Alloway [17:33]: "Are any of the people you're speaking to perhaps thinking differently about campaign donations going forward?"

Wild explains that while the financial industry faces federal donation limits, business leaders are adapting by redirecting their support to candidates they find more business-friendly, such as Adams.

Public Safety and Affordability: Key Business Concerns

Joe emphasizes that the primary concerns of NYC's business elite revolve around public safety and affordable housing, which are crucial for attracting and retaining talent.

Joe Weisenthel [27:15]: "Number one is public safety. Because the whole basis of business being here is the talent pool."

Wild and Mamdani discuss strategies to enhance public safety and reduce housing costs, highlighting bureaucratic hurdles and litigation costs as major barriers.

Joe Weisenthel [31:46]: "Reducing government bureaucracy... is key to increasing the pace of housing production."

Philanthropy and the Role of Billionaires in NYC

A social dimension is explored regarding the philanthropic engagements of NYC's billionaires, contrasting historical figures like Rockefeller with modern perceptions.

Joe Weisenthel [34:51]: "The generosity of New Yorkers is huge. The label 'billionaire' is often attached to self-promoters... none of the people I'm talking about want to be known as billionaires."

This underscores the traditional philanthropic spirit ingrained in NYC's business community, challenging notions that modern billionaires are less engaged in societal contributions.

Generational Divide and Future Outlook

The hosts address the generational divide within NYC's business elite, noting that younger leaders may be more attuned to grassroots movements and progressive policies, potentially bridging gaps between traditional business interests and new political realities.

Joe Weisenthel [37:10]: "Most of the mature business world is not living on social media. That's a great contributor to the generational divide."

This divide highlights the evolving landscape where global business leaders are increasingly engaging with local politics to align business interests with city governance.

Conclusion and Looking Ahead

As the episode concludes, the hosts reflect on the multifaceted concerns of NYC's business community and the unique position Mamdani holds as a generational politician poised to navigate these challenges. Upcoming episodes promise follow-ups on the evolving relationship between Mamdani and the business elite, as well as insights into Mayor Eric Adams' strategies for sustaining NYC's economic vitality.

Notable Quotes:

• Tracy Alloway [01:48]: "A lot of people... didn't find him to be threatening or repellent in some way."

• Zohran Mamdani [02:29]: "This tension is what I find really fascinating right now."

• Joe Weisenthel [06:11]: "Hysteria would be a good word for it. Shock was first."

• Tracy Alloway [16:32]: "What do you see as the main constraints to affordability?"

This episode of Odd Lots offers an in-depth exploration of how changing political winds in New York City are influencing its business landscape, providing listeners with valuable insights into the interplay between politics, economics, and community relations.