Billionaire CEOs and economists are warning that this Zohran Mamdani radical socialist plan could devastate New York City’s economy and drive businesses out.
New York City’s next potential mayor is facing a harsh reality check.
His radical socialist agenda is already causing major problems before he even takes office.
And a billionaire CEO just delivered one warning that has socialist Zohran Mamdani scrambling.
Wall Street sounds the alarm on Mamdani’s grocery store takeover
Zohran Mamdani shocked the political establishment when he won Tuesday’s Democrat mayoral primary in New York City on June 24, 2025.
The 33-year-old socialist is now the party’s nominee to lead America’s largest city.
But his radical economic policies are already sending shockwaves through the business community.
Mamdani’s crown jewel proposal involves launching government-run grocery stores in all five boroughs at a cost of $60 million to taxpayers.
He claims these city-owned stores will lower food costs by avoiding rent and property taxes while buying at wholesale prices.
Economists and business leaders are sounding major alarms about this socialist experiment.
“You don’t lower grocery bills by having government-run stores,” Ryan Bourne, a top economist at the Cato Institute, told Fox Business.
“Government-run entities have no market discipline — no need to earn profits, compete, or serve customers efficiently. That leads to bloated costs, empty shelves, and zero accountability.”
Grocery store magnate threatens to shut down operations
The threat to New York’s food supply became crystal clear when billionaire supermarket owner John Catsimatidis issued a devastating ultimatum.
Catsimatidis operates more than 15 Gristedes and nearly a dozen D’Agostino grocery stores in Manhattan.
His company is a crucial part of the city’s food infrastructure.
Catsimatidis issued a clear warning: “If the city of New York is going socialist, I will definitely close, or sell, or move or franchise the Gristedes locations.”
The billionaire CEO didn’t stop there.
He’s also considering moving his corporate offices to New Jersey if Mamdani wins the November general election.
“It’s going to hurt New York,” Catsimatidis said of Mamdani’s economic agenda.
This isn’t an idle threat from a small business owner.
Catsimatidis controls a major chunk of Manhattan’s grocery market through his Red Apple Group portfolio.
Heritage Foundation economist exposes the fatal flaw
E.J. Antoni, chief economist at the Heritage Foundation, broke down the basic math problem with Mamdani’s scheme.
“If we just do the simple math here, there’s no way you can sell these products at lower prices and still make money,” Antoni explained.
But the real danger goes much deeper than simple economics.
“The other problem is that if he is selling things substantially less than the private market, who is going to want to go to the private market? Everyone is going to want to go to these grocery stores,” Antoni, chief economist at the Heritage Foundation, told Fox Business.
The economist warned that Mamdani’s city-run grocery stores could actually exacerbate food shortages in New York City.
When government undercuts private businesses with taxpayer-subsidized competition, the private sector gets driven out of the market entirely.
Wall Street billionaires pledge to stop Mamdani
The financial community is mobilizing against Mamdani’s socialist takeover of New York City.
Billionaire hedge fund manager Bill Ackman announced he would finance an alternative candidate to oppose Mamdani.
Ackman warned that Mamdani’s policies would “destroy jobs and cause businesses and wealthy taxpayers” to abandon New York.
“Socialism has no place in the economic capital of our country,” the Pershing Square chief wrote on X.
Dan Loeb, founder of Third Point hedge fund, mocked Mamdani’s victory by declaring it was “officially hot commie summer.”
Real estate mogul Jeff Gural told Bloomberg he would prefer current Mayor Eric Adams over Mamdani.
“We have two choices, which is to support Mamdani and try to get on his good side, or try to see if we can resurrect Eric,” Gural said.
Fox Business’ Larry Kudlow predicts Mamdani’s downfall
Former White House economic advisor Larry Kudlow offered a brutal assessment of Mamdani’s chances.
“As the weeks go on, Mamdani’s going to be ripped to pieces,” Kudlow said Friday on Fox Business.
Kudlow predicted that even young voters would eventually turn against the socialist when they realize the economic consequences.
“Before it’s over, a lot of the younger people will realize that he will financially bankrupt us, and they’ll lose their jobs, and I think he’ll lose them too,” Kudlow explained.
The warning from Kudlow carries extra weight given his experience as President Donald Trump’s top economic advisor.
Socialist agenda threatens to destroy New York’s economy
Mamdani’s radical proposals extend far beyond government-run grocery stores.
His socialist platform includes free buses for all residents and rent freezes for people in rent-stabilized apartments.
These policies would place enormous financial strain on the city’s budget while discouraging private investment.
The grocery store scheme represents the most dangerous part of his agenda because it directly attacks the free market system that feeds eight million New Yorkers.
Judge Glock from the Manhattan Institute pointed out that “running a grocery store is a famously low-margin business for which the city could not realistically find any excess profit to squeeze.”
Mamdani claims his stores will address “food deserts” in low-income neighborhoods, but his socialist solution could create real food shortages citywide.
New York voters will have a clear choice in November between free market capitalism and socialist government control of the economy.
The warnings from business leaders, economists, and Wall Street billionaires couldn’t be clearer about the devastating consequences of Mamdani’s radical agenda.
