New York City’s tech workers are celebrating Zohran Mamdani’s victory in the mayoral race, while business leaders and tech executives are reacting with a mix of excitement and unease. Mamdani’s energetic, social media-driven campaign attracted major grassroots support, particularly from rank-and-file employees in the tech industry, who were among his biggest individual donors.
“In many ways, Zohran’s campaign acted like a disruptive startup itself,” said Julie Samuels, head of the Tech:NYC trade group. “But like any other sector, there’s some trepidation about what it means to have a democratic socialist as mayor.”
Mamdani has promised to raise taxes on the wealthy and large corporations and to impose stricter regulations on gig economy platforms such as DoorDash, Uber, and Grubhub, while also taking a tougher stance on data and artificial intelligence policies. His history of criticizing local law enforcement and his appointment of former FTC Chair Lina Khan, known for her aggressive antitrust actions against Big Tech, to co-lead his transition team, has added to concerns within the tech community.
“Is he going to use his bully pulpit to saber-rattle at those heavyweights?” asked Eric Soufer, head of advanced tech practice at Tusk Strategies. “The only reason to think that is when you appoint someone like Lina Khan to your transition team. That’s what she’s known for.”
Despite the uncertainty among executives, tech employees remain optimistic. “The rank-and-file employees at these companies were willing to donate because they’re fine if their boss’s boss boss gets taxed higher,” said one Big Tech policy official who requested anonymity.
Mamdani has proposed a 2% income tax hike on individuals earning over $1 million annually and raising the city’s corporate tax rate to 11.5%, which would make it among the highest in the nation. However, Samuels noted that “the city can’t raise taxes without the state,” meaning that many tech leaders are adopting a wait-and-see approach.
At the same time, industry groups are warning about the challenges of operating in New York’s already high-cost business environment. “It’s already really hard to do business here for small businesses, for small and large businesses,” Samuels said. “So, I think we have to be really careful about that.”
Mamdani’s message about reducing the high cost of city living has struck a chord with younger tech professionals struggling with rent. According to a study by Zillow and Tech:NYC, as of last year, an entry-level tech worker could afford just 2.1% of studio or one-bedroom rentals in the city.
Housing affordability, public safety, and reliable public transit remain key issues for both the tech workforce and industry leaders. Mamdani has pledged to expand public transportation, including a free city bus initiative, which some experts believe could impact companies exploring mobility innovation, such as Waymo.
In August, Mamdani met with business representatives through the Partnership for New York City and Tech:NYC, signaling a willingness to engage with the private sector.
“Tech companies will go where the people they want to hire are,” Samuels said. “And as long as dynamic, smart, interesting people want to live in New York City, the companies will be here.”
“It is in all of our best interests for Zohran to be successful and to ensure that New York is a thriving, safe metropolis that people want to live in,” she added.
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