During a business forum in New York City, former Governor Andrew Cuomo took aim at his mayoral rival, Zohran Mamdani, accusing him of promoting economically damaging socialist policies. The event, hosted by Crain’s New York Business, came just days before the November 5 municipal election, as both candidates prepare to battle for the city’s top executive post. Cuomo argued that Mamdani’s vision for New York — which includes heavy public spending on programs like free childcare, universal housing assistance, and city-run grocery stores — would be detrimental to the city’s financial health. His comments reflect a broader ideological divide between pro-business and progressive economic philosophies in the city.
Cuomo specifically called out the opposition to Amazon’s HQ2 project in Queens, which he claimed was the result of ‘socialist’ interference. The Amazon deal, which had promised to create up to 40,000 jobs over 15 years in Long Island City, collapsed after intense pressure from community activists and political figures like Rep. Alexandria Ocasio-Cortez, who had criticized the massive incentives offered to the company. Ocasio-Cortez, a prominent progressive, argued that the state’s investment in Amazon would harm public services and worsen inequality by diverting funds from essential programs. Her criticism, along with that of other activists, reportedly led Amazon to abandon plans for a New York headquarters in 2019.
During the forum, Cuomo emphasized that New York’s economic prosperity is tied to maintaining a ‘regulated capitalist economy.’ He warned that Mamdani’s proposed policies, which include steep tax hikes on corporations and the top 1%, would drive away businesses and harm the city’s reputation as a global economic powerhouse. The governor also highlighted the risks of a socialist approach, stating that the failure of the Amazon deal ‘foreshadowed’ the dangers of such policies. In contrast, Mamdani argued that the city needed to embrace innovation and investment from all sectors, including the private sector, to improve public services and create equitable growth.
Cuomo’s comments resonate with business leaders and property owners who fear the economic consequences of Mamdani’s proposals. The mayor’s campaign has drawn significant support from the business community, which is concerned about potential changes to the city’s regulatory environment and tax structure. Mamdani, meanwhile, has argued that his plans would modernize New York’s economy while ensuring fairer access to opportunities for all residents. The debate over these competing visions for the city’s future could shape New York’s economic trajectory — and its political landscape — in the coming years.