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Zohran Mamdani’s promises to freeze rents and raise taxes on corporations could trigger a New York City business exodus, Michael Toth, a research fellow at the University of Texas at Austin’s Civitas Institute, told Fox News Digital.
Businesses have railed against Mamdani’s progressive platform since his primary win shocked the political establishment, with leaders like Gristedes CEO John Catsimatidis sounding the alarm on Mamdani’s plans to open city-run grocery stores and raise taxes on the 1% if he wins in November.
“We have a far-left socialist mayor who’s trying to take control of the epicenter of global finance,” Toth said in an exclusive interview. “It’s like oil and water.”
Toth, a legal commentator on economic and regulatory reform, explained why Mamdani becoming mayor would trigger a “stampede” of businesses out of New York City in his essay, “Escape From New York.”
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The Texas-based researcher argued that Mamdani’s policies “are obviously not what has built New York City into the city that it’s become,” through leading finance, media and communication industries.
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“If I’m a New Yorker, and I’m looking for an affordable place to live, it’s not going to be in a city where Zohran Mamdani is running,” Toth said.
Affordability has been central to Mamdani’s campaign. His platform also includes promises like fast, free buses and free childcare, contrasting his “grassroots energy” to his general election opponents, former Gov. Andrew Cuomo, Mayor Eric Adams and Republican nominee Curtis Sliwa.
“Billionaires – and the politicians who do their bidding – have made New York City unaffordable for too many New Yorkers and now, this campaign is mobilizing tens of thousands of volunteers ready for a new kind of politics,” campaign spokesperson Dora Pekec said in a recent statement announcing more than 230,000 campaign doors.
But Toth said that Mamdani is lacking a key understanding of supply and demand.
“He completely shortchanges how hard it is for businesses to stay afloat and to consistently bring products to their customers,” Toth said.
“More supply is better for consumers,” Toth said. “More government mandates is worse for consumers because it drives prices up.”
Toth said New York City’s mayoral election is consequential, not just for its residents, but for Americans, arguing there could be a “continued reorientation of the American capital markets to places like Dallas and Florida.”
If New Yorkers elect Mamdani, “these policies are going to set the city back decades,” Toth said.
Mamdani has maintained that he doesn’t like capitalism, telling CNN’s Erin Burnett in June that he has “many critiques of capitalism.”
When asked about the criticism from business leaders, particularly grocery stores owners, Mamdani told Fox News Digital it will be possible for a “partnership” between the city and grocery store and bodega owners, despite his plan to open five city-run grocery stores if elected mayor this November.
“I am interested in working with each and every New Yorker, and I’ve actually spoken with a number of grocery store owners and made clear to them that I both recognize, and I appreciate the work that they have done. The fact is that they are a critical part of our communities,” Mamdani said.
Despite Mamdani’s reassurances, real estate moguls have signaled support for Adams and Cuomo recently rallied support among local business leaders as pressure mounts to consolidate support against Mamdani.
The latest Suffolk University CityView poll revealed that 45% of New Yorkers are very or somewhat likely to vote for Mamdani in November’s general election for mayor, with a 20-point lead over Cuomo.
Fox News Digital reached out to Mamdani’s campaign for comment but did not immediately hear back.
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