Wall Street shivers over ‘hot commie summer’ after Mamdani’s success

New York's financial elite compare the city to crime-riddled Gotham after democratic socialist bests Cuomo in Democratic mayoral primary

When Zohran Mamdani, a 33-year-old self-described socialist, won New York's mayoral Democratic nomination last week over a seasoned but scandal-scarred veteran, the city's financial elite had a meltdown.

This was the start of hot commie summer" in the city, New York hedgevfund billionaire Daniel Loeb posted to X. John Catsimatidis, billionaire CEO of grocery chain Gristedes and friend of Donald Trump, warned on Fox Business: If the city of New York is going socialist, I will definitely close, or sell, or move."