‎Billionaires Weigh Relocation After Zohran Mamdani's Election as New York City Mayor

‎Democratic socialist Zohran Mamdani has been elected as New York City’s next mayor and will officially assume office on January 1. His victory has triggered strong reactions among some of the city’s wealthiest business leaders, with several considering relocating their companies over concerns about potential economic and housing policy shifts.

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‎Zohran Mamdani’s election as New York City mayor sparks billionaire concerns and potential business relocations amid policy uncertainty.

‎Angelina Katsanis/AFP via Getty Images

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‎Real estate investor Barry Sternlicht, CEO of Starwood Property Trust, told the Daily Mail that his firm is evaluating the possibility of moving operations now that Mamdani will take office. The commercial property magnate, whose firm reported $29.9 billion in total assets at the end of the third quarter, predicted that other companies may follow suit.

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‎Sternlicht argued that a Mamdani administration could embolden tenants to withhold rent payments. “The far-left gets really nuts and says the tenants don’t have to pay. Well, you can’t kick them out if they don’t pay,” he said, warning that widespread nonpayment could destabilize the city’s real estate market.

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‎Mamdani’s campaign platform emphasized stronger eviction protections for renters, but he has not endorsed policies allowing rent nonpayment. His office did not immediately respond to requests for comment following Sternlicht’s remarks.

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‎Starwood Capital Group, which holds a controlling interest in Starwood Property Trust, is also led by Sternlicht. The firm has financed several major developments, including The Greenwich by Rafael Viñoly and a 46-story residential tower in Long Island City. Last month, Starwood Property Trust issued a $161 million loan to refinance the Forty Six Fifty apartment complex in Manhattan.

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‎Speaking to CNBC last week, Sternlicht reiterated his criticism of socialist policies, saying, “Socialism has never worked anywhere,” and disclosed that his New York team had begun discussing a possible relocation.

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‎Meanwhile, some business leaders who initially opposed Mamdani’s policies have shifted their tone. JPMorgan Chase CEO Jamie Dimon and hedge fund manager Bill Ackman, both of whom supported Mamdani’s main rival, Andrew Cuomo, have reportedly offered to assist the mayor-elect in shaping business-friendly initiatives.

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‎Hedge fund executive Ricky Sandler, who manages approximately $7.8 billion in assets, initially threatened to move his firm out of New York following Mamdani’s Democratic primary win. However, he recently clarified on X that he has no immediate plans to leave, though he remains concerned about safety, livability, and fiscal management under the incoming administration.

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‎Grocery magnate John Catsimatidis, who leads Red Apple Group—the parent company of Gristedes and D’Agostino supermarkets—also warned he might move his headquarters to states like Florida. His concern stems from Mamdani’s proposal for city-run, government-subsidized grocery stores that would sell products at wholesale prices and operate without rent or taxes.

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‎No major firms have confirmed relocation plans yet, but some business leaders say they are reassessing their presence in New York. Catsimatidis noted that many in the private sector are “reducing their exposure to New York City,” signaling cautious optimism mixed with uncertainty as the city prepares for a new political era under Mamdani’s leadership.