Business and Politics Collide in NYC Mayor’s Race

Summary

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WSJ What’s News: "Business and Politics Collide in NYC Mayor’s Race"

Date: November 2, 2025
Host: Alex Osola
Guests: Josh Chaffin (Senior Special Writer, National Affairs), Kevin Dugan (Culture of Business and Wall Street Reporter)

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Episode Overview

This episode dives deep into the upcoming New York City mayoral election, highlighting its significance both for local governance and nationwide politics. With Wall Street, progressive activism, and the future direction of the Democratic Party all colliding in this high-stakes race, WSJ reporters break down the candidates, national implications, and the business community’s reaction to the emerging political landscape.

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Key Discussion Points & Insights

1. The Candidates: Who’s Running and Why It Matters

• Andrew Cuomo:
  • Former Governor, establishment Democrat turned Independent.
  • Close ties to business and a national profile post-COVID.
  • Reputation tarnished by sexual harassment scandals.
  • Represents political continuity and centrist business interests.
• Curtis Sliwa:
  • GOP candidate, well-known founder of the Guardian Angels.
  • New York folk hero from the city’s tough crime era.
  • Appeals to traditional, law-and-order voters.
• Zoran Mamdani:
  • Upset victor in the Democratic primary.
  • Would be NYC’s first Muslim mayor at 34.
  • Self-identified socialist, catalyzing youth and progressive enthusiasm.
  • Little known outside activist circles before the primary.

“Cuomo is the Democratic establishment... Sliwa has been a New York character forever... and Zoratin Mamdani has come out of nowhere, and he would be the city’s first Muslim mayor. ...He is an avowed socialist and he has captivated a younger generation in the city.”
— Josh Chaffin, 02:17

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2. Why This Local Race Has National Implications

• The stark contrast between old-school Cuomo and upstart Mamdani symbolizes broader Democratic identity struggles.
• Democrats are searching for direction after a period of historic unpopularity and Kamala Harris’s defeat in the presidential race.
• Mamdani’s outsider energy is galvanizing an otherwise splintered party.

“This race has played out at a time when the Democratic Party is really lost in the wilderness... A lot of people are saying this Zoran guy is creating enthusiasm and excitement in a way that no one else has in some time.”
— Josh Chaffin, 03:26

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3. The 'Democratic Socialist' Label: Boon or Burden?

• Party leaders like Hakeem Jeffries have cautiously endorsed Mamdani, drawing lines around his more left-wing positions.
• The establishment seeks to align with his equity goals, but distance from the “socialist” brand.
• There is uncertainty about how much Mamdani will actually push socialist policies if elected.

“Democrats, the establishment, to the extent they’re beginning to embrace Mamdani, they’re trying to do it in a qualified way... how socialist of a socialist he is, or will be or try to be in practice, is still sort of a mystery.”
— Josh Chaffin, 04:36

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4. The Trump Factor: Taking On the White House

• Trump’s combative stance toward blue city leaders (including withholding federal funds) looms over the race.
• Mamdani promises to vigorously oppose Trump, energizing the Democratic base; Cuomo mocks this stance as naïve.
• Sliwa emphasizes pragmatism—“cooperate where possible.”

“Mamdani said in a recent debate very clearly that he would fight Trump every day. Cuomo tried to make light of that, of his lack of experience... Sliwa kind of said this whole idea of fighting Trump is mistaken. It’s bad for the city.”
— Josh Chaffin, 05:42

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5. Polls and Prognosis: Who’s Ahead?

• Mamdani holds a solid double-digit lead.
• There’s speculation about Sliwa dropping out and his voters moving to Cuomo, but the impact remains uncertain.
• Early voting indicates stronger-than-expected support for Cuomo among older voters.

“Mamdani still has a commanding double digit lead... But in theory, if you put [Sliwa’s and Cuomo’s] numbers together, they’re just about even with Mamdani.”
— Josh Chaffin, 06:41

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6. National Democratic Identity: Looking Beyond NYC

• If Mamdani wins, he could become a progressive icon—drawing Republican attention and fueling debate within the Democratic Party.
• His administration will be closely watched as a potential national blueprint (or cautionary tale).

“If he’s able to deliver a few things and the city doesn’t go crazy and businesses don’t leave and crime doesn’t soar and a younger generation of voters feels like for once somebody represents them, that would be really powerful.”
— Josh Chaffin, 07:38

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7. Business Reaction: Wall Street and Main Street Respond

• Initial shock among Wall Street leading to a “wait and see” approach.
• Large firms, nervous about tax hikes and anti-capitalist rhetoric, largely supporting Cuomo.
• Small local businesses show more receptivity to Mamdani, seeing new energy and possibilities.

“The first reaction... was a lot of disbelief because a lot of people on Wall Street didn’t really see him coming... It has taken a little bit of time to understand what Mamdani’s policies were and how that could affect them.”
— Kevin Dugan, 09:15

• No major businesses have yet left NYC over Mamdani.
• Big donors (like Bill Ackman) are pouring money into Cuomo’s campaign.
• Business community split: Banks and large employers back Cuomo; local shops sometimes support Mamdani.

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8. Mamdani’s Outreach to Business

• After the primary, Mamdani made efforts to connect with industry leaders across real estate, finance, and tech.
• He’s acknowledged as an effective speaker and listener, though uncertainty lingers on concrete policy actions.

“When you talk to people who have met with him, they say, you know what, he is a great speaker, he’s a great politician. I got a sense that he was really listening to me. Is he going to translate into something else, into a policy that I like? I don’t know.”
— Kevin Dugan, 11:29

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9. Anxiety About Taxes and Policy

• Business leaders believe taxes can’t be raised unilaterally; state government and Gov. Hochul oppose large hikes.
• Some proposed policies (like expanded childcare) have qualified state-level support.

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10. Business Community’s Final Position and National Reflection

• Most of New York’s business elite opposes Mamdani due to concerns over taxes and rhetoric.
• There is reluctant openness to working with him out of necessity.
• The business community is generally backing Cuomo, though Sliwa retains a significant base.
• Nationally, a Mamdani victory is a signpost for the Democratic Party’s future and corporate America's potential challenges.

“If this becomes a blueprint for Democrats going forward, then it’s hard for them to see how they will be able to operate and whether they will continue to be demonized by other left leaning politicians in the future.”
— Kevin Dugan, 13:57

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Notable Quotes & Memorable Moments

• “This race has played out at a time when the Democratic Party is really lost in the wilderness.”
  — Josh Chaffin, 03:26

• “He has put out a more extreme platform than what Democrats have done in the past.”
  — Josh Chaffin, 07:38

• “There was an expectation that Andrew Cuomo was just going to win. And I don’t think that a lot of people really saw [Mamdani’s] candidacy as anything more than a lot of noise.”
  — Kevin Dugan, 09:15

• “Most of the New York City business community is against Mamdani... but he’s going to have to be a politician and he will have to listen to his constituents at some point.”
  — Kevin Dugan, 12:51

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Timestamps for Important Segments

• [02:17] — Introduction of Candidates
• [03:26] — Why NYC’s Mayoral Race Has National Significance
• [04:36] — The Meaning of ‘Democratic Socialist’ in this context
• [05:42] — Trump’s Influence on the Mayor's Race
• [06:41] — Latest Polls and Voter Trends
• [07:38] — Mamdani’s Potential National Impact
• [09:15] — Business Community Reacts to Mamdani’s Victory
• [10:31] — Split in Business Community Support
• [11:29] — Mamdani’s Outreach To Business Leaders
• [12:51] — Final Thoughts From Business Leaders
• [13:57] — National Implications for Business

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Conclusion

This episode offers a thorough exploration of how New York’s mayoral election serves as ground zero for the clash between business pragmatism and progressive politics. With a polarizing but energetic left-wing candidate leading the pack and a skeptical but mobilized business community, the outcome in NYC could reverberate far beyond city limits—potentially shaping both the Democratic Party’s identity and the contours of urban governance nationwide.

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Transcript

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[Alex Osola]

Hey, what's news listeners? It's Sunday, November 2nd. I'm Alex Osola for the Wall Street Journal. This is what's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world. On the show this week, we're talking about the New York City mayoral election, which is coming up on Tuesday. And although it's a local race, it's being watched nationally and has nationwide implications. Its outcome could not only set a new direction for the national Democratic Party, but also for corporate America. Today we're talking with two Wall Street Journal reporters about what the mayoral race means for politics and for business. For me, living in Brooklyn, the election has been unavoidable. Canvassers have rung my doorbell and handed me flyers as I walked down the street. Candidate signs dot stoops between my home and the subway. You've surely seen signs for your own local races too. But in New York, the biggest city in the US as well as the capital of finance, policies can have reverberations around the country. And at a moment when the national Democratic Party is figuring out how it moves forward, this election could be a microcosm for where voters heads are at. For more on the political implications of the election, I'm joined now by Josh Chaffin, senior special writer for the national affairs team at the Wall Street Journal. Josh, people who haven't been following the New York City mayoral race all that closely get us up to speed here. We've got our three candidates. We have Democrat turned independent candidate Andrew Cuomo, Republican Curtis Sliwa, and Democrat Zoran Mamdani. Give us a very brief overview of who each of these people are.

[Josh Chaffin]

Cuomo is the Democratic establishment, three term governor, son of a governor, close to the business community, had designs of possibly going to the White House during the COVID pandemic when he became a kind of national figure. And that all fell away in a hail of sexual harassment complaints and disgrace. Sliwa has been a New York character forever. The Guardian Angels. Back in the days of when New York was a scary, violent place to be, he became a folk hero for his group, riding subways and protecting people, stepping in where the police were not. And Zoratin Mamdadi has come out of nowhere, and he would be the city's first Muslim mayor. Just turned 34 and in the capital of world capitalism. He is an avowed socialist and he has captivated a younger generation in the.

[Alex Osola]

City, as you kind of alluded to here. I think it's safe to say that basically no one outside of New York, or maybe even within New York, had heard of Mamdani until he won the Democratic primary in June. Why has this race captured national attention?

[Josh Chaffin]

The contrast between Cuomo and Mamdani is so stark. Mamdani is just so open, and he has used social media in the most clever ways. And Cuomo is a old school politician. For better or worse. This race has played out at a time when the Democratic Party is really lost in the wilderness. The party's approval ratings are the lowest that they've been in more than three decades. And in the era of Trump, this moment in particular is the moment where the Democrats are trying to figure out who they are, what their next chapter is, which way they should be going, how do they reform themselves after Kamala Harris's defeat. And so a lot of people are saying this Zoran guy is creating enthusiasm and excitement in a way that no one else has in some time.

[Alex Osola]

Josh, I'm glad you brought up the implications for the national Democratic Party, because I'm curious what this label for Mamdani of democratic socialist means in the context of a Democratic Party that's trying to reappeal to Americans.

[Josh Chaffin]

Hakeem Jeffries, the Democrats leader in the House, he came out finally, belatedly and endorsed Mamdani. But of course, he also mentioned that there were key areas where he had differences. And so Democrats, the establishment, to the extent that they're beginning to embrace Mamdani, they're trying to do it in a qualified way to give themselves some space to say, well, we're not socialists per se, but we agree with his goals of creating a more equitable society, improving affordability. But how socialist of a socialist he is or will be or try to be in practice is still sort of a mystery.

[Alex Osola]

One of the things that's changed since June, when Mamdani won the Democratic primary, was that President Trump has really taken on a new stance towards leaders of blue cities. Across the country. That includes deploying the National Guard, withholding funds. He's withheld some funds from New York, slated for some projects. And I'm curious how that conversation around working with versus taking on Trump has played out in the mayoral race in New York City.

[Josh Chaffin]

This is another reason why this race has such national dimensions, because Mamdani is a kind of foil for Trump. And part of his appeal is that he has pledged to take on Trump and that he represents such a different way of being in the world that he would be the standard bearer in a way for this kind of opposition. And so Mamdani said in a recent debate very clearly that he would fight Trump every day. Cuomo tried to make light of that, of his lack of experience, and basically saying, Trump would eat you for lunch. You don't have the gravitas or the standing to deal with Trump. And interestingly, Sliwa kind of said this whole idea of fighting Trump is mistaken. It's bad for the city. We need to try to find ways where we can cooperate with him and basically do what we can to get the best outcome for the city.

[Alex Osola]

On the sort of eve of the election, what are the polls telling us about who seems likely to win this mayoral race? Or also from your reporting?

[Josh Chaffin]

Well, Mamdani still has a commanding double digit lead. The great suspense has been whether or not Curtis Sliwa would drop out of the race and if he did, if his support would then go to Cuomo. Sliwa has been really resistant, frustratingly so, to Democrats and a broad coalition of people trying to stop Mamdani, the business class. But even if he did, it's not clear that people would swing over to Cuomo's side. But in theory, if you put his numbers together and Cuomo's, they're just about even with Mamdani. The early voting numbers, just in terms of the age of the people who were showing up, those numbers seem to suggest that Cuomo is doing better than anticipated.

[Alex Osola]

Bringing around one more time to the national political implications here. Let's say Mamdani takes office and he's duking it out with Trump. Where does that leave Democrats nationwide?

[Josh Chaffin]

I would expect in the way that AOC has become a kind of superstar and somebody that the Republicans promote as much as the Democrats, the Republicans in opposition. I'm sure that Mamdani would be much the same. He has put out a more extreme platform than what Democrats have done in the past. So I think there will be so much curiosity and attention to see how it plays out and if he's able to deliver a few things and the city doesn't go crazy and businesses don't leave and crime doesn't soar and a younger generation of voters feels like for once somebody represents them, that would be really powerful. And of course, in the other direction, exactly the same.

[Alex Osola]

WSJ senior special writer for National Affairs, Joshua Chaffin, thanks so much.

[Josh Chaffin]

Thank you.

[Alex Osola]

Coming up, where the New York City business community stands on Mondani's candidacy and what his victory could mean for business nationwide. That's after the break.

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[Alex Osola]

I'm joined now by Kevin Dugan, who covers the culture of business and Wall street for the Journal. Kevin, when Mamdani won the primary election, what was the reaction from the New York City business community?

[Kevin Dugan]

The first reaction right after he won was a lot of disbelief because a lot of people on Wall street didn't really see him coming. There was an expectation that Andrew Cuomo was just going to win. And I don't think that a lot of people really saw his candidacy as anything more than a lot of noise, similar to the way that Bernie Sanders ran against Hillary Clinton in 2016. So a lot of it was at first just digesting what had happened. And it has taken a little bit of time to understand what Mom Daddy's policies were and how that could affect them.

[Alex Osola]

I remember back from that time there were some pretty dire threats of businesses leaving New York, and I'm wondering whether any of that has actually come to pass.

[Kevin Dugan]

So far, no major businesses have decided to move because of Mom Donnie. They want to wait and see how Mamdani's administration is going to play out should he win. There are some people who are very concerned about taxes, and there's certainly a lot of skepticism from people in business that he would do anything to upset that balance right now, too.

[Alex Osola]

Where have business leaders been putting their financial support in this mayoral race?

[Kevin Dugan]

You have really big donors like Bill Ackman who are deploying more than a million dollars to back Andrew Cuomo. But it really is not a monolith. There's a pretty big split between big business in New York, your banks, your large employers and your local shops. I live in Brooklyn. I can walk around I can see here's the hot dog shop that's got a Mom Donnie sign. There's a lot of small business that is supportive of Mamdani.

[Alex Osola]

I want to talk a little bit about what has happened since Mamdani won after that sort of first flush of the reactions to winning the primary. So since then, I remember over the summer, Mamdani was making a pretty concerted effort to connect to New York City business leaders. Do we have a sense of who he talked to and how that all shook out?

[Kevin Dugan]

What you have seen since the primary is that Mamdani has reached out to people who are in the real estate industry. He has reached out one on one to Wall Street CEOs. He has reached out to lots of people within the Partnership for New York City, which includes tech CEOs and pretty much every industry you can imagine that's in New York City. When you talk to people who have met with him, they say, you know what, he is a great speaker, he's a great politician. I got a sense that he was really listening to me. Is he going to translate into something else, into a policy that I like? I don't know.

[Alex Osola]

One thing he has explicitly said is that he plans to raise taxes. Has that been something that business leaders in New York City have been able to get past in order to have a more productive conversation?

[Kevin Dugan]

Yes and no. Business leaders know that the mayor cannot just unilaterally raise taxes on businesses or on individuals in the city. That would need to go through the state. And Kathy Hochul, who has an election next year, she has said that she does not want to raise more taxes, even though she may be supportive of some of the particular proposals that he has put out, like expanding universal childcare to children as young as six weeks old.

[Alex Osola]

Where does the business community stand now on the eve of the election?

[Kevin Dugan]

Most of the New York City business community is against Mom, Daddy. They don't want to pay more taxes. They don't like the messaging that is anti capitalist. These are capitalists. Some people who I've talked with, they say, I may not agree with him, but he's going to have to be a politician and he will have to listen to his constituents at some point. So we are hoping to work with him to blunt the impact of anything that they might not like.

[Alex Osola]

Does that mean they're going all in for a late stage push for Cuomo? Are they behind Sliwa?

[Kevin Dugan]

Many of these CEOs and business leaders, they're going to be voting for Cuomo. Sliwa has a pretty significant chunk of the electorate. But honestly, at this point, I cannot tell how much he is actually attracting versus people who are going to be voting for Cuomo and whether Cuomo is actually siphoning votes away from him.

[Alex Osola]

If it's not too big a leap, what would a Mandani victory mean for business on a national scale?

[Kevin Dugan]

On a national scale, in the short term, probably not a lot. However, when I've talked to CEOs, business executives here in New York, what they're concerned about is that if this becomes a blueprint for Democrats going forward, then it's hard for them to see how they will be able to operate and whether they will continue to be demonized by other left leaning politicians in the future.

[Alex Osola]

Wall Street Journal reporter Kevin Dugan, thank you so much.

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Thank you.

[Alex Osola]

And that's it for what's new Sunday for November 2nd. Today's show was produced by Zoe Culkin with Deputy editor Chris Insinsley. I'm Alex Zosola and we'll be back tomorrow morning with a brand new show. Until then, thanks for listening.

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