Zohran Mamdani crushed the Democratic establishment to become NYC's mayoral nominee, winning the primary by focusing on the affordability crisis faced by many New York residents. But his grassroots victory has sent shockwaves through the billionaire class — and two so-called Democrats are busy sucking up to them instead of listening to the people, Sen. Elizabeth Warren (D-MA) blasted on Monday.
Billionaire investor Bill Ackman called on former Democratic governor Andrew Cuomo—now an independent opponent of Mamdani's—to step aside from the New York City mayoral race and allow incumbent Eric Adams—also now running as in independent—to take on democratic socialist Mamdani in November.
The hedge fund mogul has reportedly promised to spend "hundreds of millions of dollars" to defeat the working-class champion, Warren wrote.
"You don’t have to look very hard to see just how out of touch with working people and the mainstream values of the Democratic Party Adams and Cuomo have become," she wrote in a Rolling Stone column.
"Adams withdrew from the primary early on, and Cuomo felt so entitled to the nomination that he barely bothered to campaign. But they’ve both gotten the memo from their wealthy backers to step it up."
Why are Wall Street titans so terrified, she asked? Because Mamdani threatens their stranglehold on the city. While Adams switched to independent in April a few months after federal corruption charges were dismissed, and Cuomo is pursuing a political comeback after he resigned as governor in 2021 amid sexual harassment allegations, Mamdani represents something they can't buy: authentic populist rage, Warren wrote.
The 33-year-old democratic socialist has outlined radical plans to build 200,000 affordable housing units, implement rent control, and provide universal childcare. His promise to tax the ultra-rich and giant corporations to fund these initiatives has the billionaire donor class in full panic mode.
Real estate developers such as RXR Realty, Two Trees and Vornado ponied up checks in the $150,000 to $250,000 range to stop Mamdani during the primary. Cuomo's donors include Laurie Tisch, a billionaire philanthropist among others flooding money into the race.
The message is crystal clear: when working families finally get a champion willing to take on corporate power, the billionaires unleash their war chests, Warren wrote.
"Mamdani has charged ahead with plans to make New York more affordable, and he’s showing how to pay for it by taxing the ultra-rich and giant corporations," the senator wrote.
"That may not make him popular with the richest New Yorkers, but he’s willing to let Adams and Cuomo suck up to those guys. Mamdani is fighting to make New York work for working people."