Zohran Mamdani Has Won the New York Mayoral Race, But What Happens Now?

Zohran Mamdani on the Resist Fascism Rally in Bryant Park on October 27th, 2024. Courtesy of Wikimedia Commons.

Zohran Mamdani, elected as mayor of New York City on November 4, 2025, attributed his victory to his energetic personality, successful appeal to a young demographic of voters, and his social policy. From creating city-owned grocery stores to freezing rent, Mamdani’s central plan is to make New York City more affordable. But to what extent can he successfully implement these changes and what potential challenges might he face once in office?

Mamdani’s win was a major achievement for the Democratic Party and specifically monumental for supporters of democratic socialism. Political figures associated with socialism are often viewed as too extreme, but with Mamdani’s grit, youthfulness, and campaigning techniques, his tie to socialism did not get in the way of him gaining support. Instead, many New Yorkers deeply resonated with his plans for the city, as many face housing affordability issues due to economic hardships such as increases in rent and  extreme costs for childcare. With a campaign that responded to a diverse array of issues in the city, many voters were excited about the opportunity to address these problems. 

Now that Mamdani has won, understanding what obstacles may stand in his way is crucial in order to analyze the extent to which his goals may be achieved. This may be evaluated through the lessons learned from the economic and political state of New York City between 1945 and 1975, which heavily mirrors Mamdani’s current policy objectives. According to Michael Beyea Reagan, a professor at Rutgers University and writer for the InTheseTimes newsletter, during this period, New York had a free municipal hospital system, initiated rent control, and subsidized the transit fare. 

These policies were beneficial for city residents until this social welfare economy came crashing down due to the 1970s financial crisis on Wall Street. This market collapse resulted in a declining economy, with hundreds of thousands of workers losing their jobs. Under these conditions, major banks refused to issue New York City bonds until the government cut various social programs to the satisfaction of the financiers. In this situation, the private business sector of Wall Street influenced the turnout of the city’s political priorities. 

In 2025, Wall Street’s hold over city finances still remains. Private financing is thus necessary for public programs, and because of this, the private sector will have the ultimate veto over social policies, such as those that Mamdani plans to initiate. 

Is it possible that Mamdani found a solution to this veto? As stated on his platform, Mamdani plans to fund various social programs by raising the corporate tax rate to 11.5% and increasing taxes on the wealthiest 1% of New Yorkers. Through this method, he would not have to rely on the private sector as much in order to fund his programs. 

A salient issue still remains: to get his tax plans approved, Mamdani must have Governor Kathy Hochul (D-NY) sign off on them. And so far, Hochul has stated that she promises to block any tax increase meant to fund social programs, due to the potential risks that increasing taxes would have on New York’s economic competitiveness. On top of that, New York businesses and elites that already contribute an immense amount of taxpayer money to the city, are threatening to leave if Mamdani is able to get his tax reforms implemented and move to cities where the taxes are lower. With these two barriers, effective convincing and coordination will be necessary to achieve the policy objectives Mamdani has promised voters. 

Despite these challenges that Mamdani faces, the potential of his platform and the support that allowed him to be elected into office cannot be understated. Over time, it could be possible for Mamdani to navigate these barriers and make gradual changes. The city’s affordability crisis and other prominent social issues may persuade New York businesses to work out a deal that can benefit both parties.

Mamdani will have to continuously work towards negotiating with the wealthy residents of the city as the private business sector plays a major role in determining where money goes. 

With this in mind, roadblocks will be inevitable when implementing these policies and Mamdani must come up with solutions to bypass these obstacles. The solutions to these challenges will be contingent on the implementation of Mamdani’s ability to convince Governor Hochul that his agenda for New York City will be worthwhile.