#ElizabethWarren on Why #Billionaires Are Doing All They Can to Stop #ZohranMamdani
The Massachusetts Democrat explains why Wall Street is spending big to boost #EricAdams and #AndrewCuomo
August 4, 2025
"Zohran Mamdani pulled off an inspiring 12-point victory to become the Democratic nominee for mayor of New York. How did he do it? He campaigned relentlessly on lowering costs for families, helping him build a grassroots movement so strong that millions of dollars in attack ads couldn’t touch him. On primary election night, Andrew Cuomo conceded.
"The people picked Mamdani, but it turns out there are some billionaires and #WallStreetCEOs who can’t stand the idea of a mayor who wants them to pay their fair share to create a city that everyone can afford. So the billionaires are dumping millions and millions of dollars into the race, backing either of two deeply flawed candidates: Cuomo and incumbent Mayor Eric Adams. Maybe we should be asking ourselves why these Wall Street executives are pouring in millions of dollars to stop Mamdani, the affordability candidate. [Money that could be used to fund #PublicBroadcasting! smh]
"#Cuomo and Adams are tripping over themselves to haul in millions of campaign dollars from billionaire donors. Adams raised $1 million in a single night from donors with ties to big law firms, commercial brokerages, and big real estate developers who could lose their iron-fisted grip on New York in a Mamdani administration. #HedgeFund manager #BillAckman held private auditions for his support, inviting Adams and Cuomo to back-to-back meetings to tap dance for the 'hundreds of millions of dollars' he has said he will spend to keep Mamdani out of office.
"In a democracy, #billionaires should not be able to buy our elections and control our politicians. Elected officials should work for their constituents, not use their government offices to hand out favors to a well-connected few. Adams escaped prosecution on charges of bribery and fraud only after he sold out New York City in a sweetheart deal with the Trump administration. As governor, Cuomo handed control of the state Senate to Republicans in a sham backroom deal. He also vowed to clean up Albany with an anticorruption commission, but when that commission began investigating one of Cuomo’s buddies, Cuomo shut down the entire panel.
"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. 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: Adams is attacking Mamdani nonstop, and Cuomo is trying — and failing — to carbon copy Mamdani’s man-on-the-street videos.
"Mamdani has specific ideas for making New York more #affordable, and he’s willing to stand up to ultra-powerful special interests to turn these plans into reality.
"Take the cost of housing. Mamdani has plans to build 200,000 new affordable units over the next 10 years, he intends to freeze the rent for units controlled by the city, and he is committed to cutting the red tape that drives up costs for home owners. Mamdani also has the courage to write plans — including #RentControl — that crack down on the city’s worst #landlords and push back against billionaire real estate #moguls. It’s no surprise then that this month, the CEO of a New York-based #RealEstate investment trust held a $2,000-a-ticket fundraiser for Adams to stop Mamdani.
"After housing, the biggest squeeze on New York families is the cost of child care. In the wealthiest city on Earth, access to affordable, high-quality child care and early #education should be automatic. Mamdani’s plan for no-cost child care would make #ChildCare a right, not a privilege reserved for the rich.
"Let’s do one more. Mamdani has a bold, detailed plan for protecting consumers and cracking down on the companies that try to cheat them. As mayor he would work to ban hidden fees, crack down on #scammers, and end secret corporate handouts. When working people are getting gouged by giant companies, Mamdani is on their side.
"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. 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."
Read more:
https://www.rollingstone.com/politics/political-commentary/elizabeth-warren-billionaires-stop-zohran-mamdani-1235397851/
Archived version:
https://archive.ph/gKwYu
#USPol #DemocraticSocialists #Mamdani #NewYorkCity #NYCPol
#TaxTheRich not #TaxBreaksForTheRich
#AffordableHousing #Education
But is he right? I break down why these claims miss the real issue.
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