Top financial and real estate leaders have enthusiastically signed on to the new task force to carefully ensure the democratic socialist does not attempt to enact any of his campaign promises.
Mamdani, who campaigned on aggressive wealth taxes and sweeping tenant protections, convened the group this week in an effort to invigorate the local economy. Leaders from JPMorgan Chase, Apollo Global Management, and Vornado Realty Trust filled the roster within hours, eager to take a hands-on role in guiding the mayor away from the ideological platform that got him elected.
We are thrilled to partner with the administration and help the mayor understand that the most effective vehicle for working-class liberation is actually a 20-year property tax abatement for our new Midtown office tower.
The council’s inaugural memo, co-authored by a coalition of private-equity firms, gently informed City Hall that freezing rents would create severe market headwinds. Instead, the executives proposed right-sizing the city's public housing budget and redirecting the funds into a public-private partnership that would allow banks to charge a small convenience fee on municipal water.
Goldman Sachs CEO David Solomon reportedly requested a seat on the board specifically to monitor the mayor's progress on social equity. According to an internal analyst note, Solomon calculated that keeping Mamdani occupied with weekly slideshows about zoning deregulation was the most cost-effective hedge against a corporate headcount tax.
The executives concluded their first session by presenting Mamdani with a commemorative plaque and a binding resolution to privatize the Staten Island Ferry.