In a recent statement, President Donald Trump labeled New York City’s Democratic mayoral candidate Zohran Mamdani as “a communist,” warning that the city could transform into “a communistic city” should he win the mayoral election in November.
“I can’t believe that’s happening,” Trump told reporters at the White House, expressing his concerns over the implications for the nation. “That’s a terrible thing for our country, by the way.”
Trump’s remarks followed Mamdani’s surprising win over former New York Governor Andrew Cuomo in the initial round of the city’s Democratic mayoral primary just days earlier.
Cuomo formally conceded to Mamdani late Tuesday, acknowledging the strong likelihood that the upcoming rounds of the ranked-choice voting system would formalize Mamdani’s position as the Democratic Party’s nominee. The candidate is affiliated with the Democratic Socialists of America.
Despite significant endorsements for Cuomo from prominent Democrats, Mamdani’s initial primary win has stirred considerable alarm among influential investors and business figures, signaling a real possibility that the three-term state assemblyman could lead America’s largest city.
Mamdani’s campaign is centered around proposals to raise the corporate tax rate, increase taxes on the wealthy, implement a rent freeze, and provide free bus services.
Trump recognized the anxiety surrounding Mamdani among business circles, stating that they fear the consequences of having someone like Mamdani elected. “He’s a communist. We’re going to go to a communistic city,” Trump asserted. “That’s so bad for New York.”
Following the primary, Trump expressed his concerns on social media, referring to Mamdani as “a 100% Communist Lunatic,” emphasizing the absurdity of the situation.
Mamdani, in response to Trump’s comments and social media posts, encouraged him—and all New Yorkers—to familiarize themselves with his actual policies that aim to enhance the city’s affordability.
In an interview with ABC News, Mamdani mentioned, “You know, this is not the first time that President Trump is going to comment on myself,” urging him to understand the realities of his platform.
Phillip Laffont, founder of the Coatue Management hedge fund, told Finance Newso that if Mamdani prevails in the general election, a number of wealthy investors might consider relocating from New York City. “Some people are going to, for sure, go,” Laffont stated on “Squawk Box.”
Cuomo has yet to declare whether he will run as an independent candidate in the upcoming election, while the current mayor, Eric Adams, is seeking re-election as an independent himself.
Adams, who was initially elected as a Democrat, transitioned to an independent candidacy this year, opting out of seeking nomination from fellow Democrats.
The mayor’s popularity has waned following a federal indictment on corruption charges brought by the Department of Justice during the previous administration.
After President Trump took office, the DOJ sought to dismiss the case against Adams, arguing that prosecuting the mayor could impede his governance and cooperation with federal immigration policies. This led to a significant protest from seven federal prosecutors, including the acting Manhattan U.S. Attorney overseeing the matter.
In April, District Court Judge Dale Hole dismissed the case against Adams with prejudice, preventing the DOJ from reviving the matter after Adams leaves office. The judge criticized the DOJ’s handling of the case, emphasizing a perception of an inappropriate bargain that would compromise the integrity of the judicial process.
Judge Hole noted that dismissing the case without prejudice would imply that the mayor’s freedom was contingent upon his adherence to the immigration enforcement priorities set by the administration.
