New York’s new socialist mayor is raising concerns among the business community about expensive programs

The newly elected mayor of New York City has promised sweeping changes upon taking office, including a rent freeze and universal free child care. But his democratic socialist messages, critics say, have some New Yorkers on edge.

Councilor Inna Vernikov, whose family fled the Soviet Union, said she is “absolutely devastated” by what she called the city’s shift toward socialism.

“We became doctors, we became lawyers. I’m a member of the government in the greatest city in the world, and the idea that everything we escaped is coming here is absolutely incredible,” she added.

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Mamdani, a self-described democratic socialist, was declared the winner of the mayoral race on election night. He defeated former Governor Andrew Cuomo and Republican candidate Curtis Sliwa.

His platform included a rent freeze, free public buses, universal childcare and a pilot program of city-run grocery stores in every neighborhood.

New York City mayoral candidate Zohran Mamdani, center, celebrates with Senator Bernie Sanders, left, and Rep. Alexandria Ocasio-Cortez, right, during an election rally at Forest Hills Stadium in Queens, NY, October 26, 2025. (Andres Kudacki/Getty Images/Getty Images)

The price tag of these programs has some business leaders wondering how Mamdani will pay for them.

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Catsimatidis has repeatedly spoken out against Mamdani and threatened to move his supermarket chain Gristedes out of the city.

MTA buses in New York City Thursday, November 6, 2025. (Michael Nagle/Bloomberg via Getty Images)

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Marcus Lemonis, CEO of Camping World, also expressed concerns about running businesses in New York City, though he acknowledged that affordability is a national concern for many Americans.

“Affordability is an issue everywhere. It’s not just in New York City, from Seattle to Minneapolis to Chicago, wherever it may be,” Lemonis said.

Mayoral candidate Zohran Mamdani speaks to supporters during a campaign rally in Prospect Park in Brooklyn. (Stephanie Keith/Getty Images/Getty Images)

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“But I am very confident, and you would probably expect me to say this: that capitalism will always win and that the idea of ​​socialism is, in my opinion, a good experiment,” he said.