Connecticut Gov. Ned Lamont warned that his fellow Democrat Zohran Mamdani could cripple Wall Street if he wins the New York City mayor’s race –and said the fallout could spill across state lines.
Lamont said he was worried about a Mamdani victory and how it could upend the financial sector — both in New York and in the Constitution State — in an interview with Bloomberg Television on Tuesday.
“New York City is the financial capital of the world — and we’re a big piece of it here,” Lamont said. “I want to make sure that the next mayor understands how important New York City is to that system, and that’s important to Connecticut.”
Connecticut serves as a hub to the hedge fund industry, and is home to Steve Cohen’s Point72, Ray Dalio’s Bridgewater Associates, and Cliff Asness-founded AQR Capital Management.
Many high-flying financiers also commute into the Big Apple from its neighbor to the north to work at big financial firms like JPMorgan Chase, Goldman Sachs and BlackRock.
Mamdani, a self-described socialist who won a thumping victory over Andrew Cuomo in the Democratic primary this summer, has campaigned on promises of rent freezes, free child care, and open government-run grocery stores. Incumbent Eric Adams dropped out last week.
The 33-year-old Uganda-born Muslim has rattled Wall Street, the real estate industry, and other segments of the city’s business community with his plans to hike taxes on corporations and New York’s wealthy to help pay for his left-wing policies.
Lamont said he thinks the finance industry appreciates the certainty and stability in Connecticut.
“They know where the state is going to go and the taxes are a little bit less,” he told the financial news channel.
A poll conducted for Fox News released on Sept 24, before Mayor Adams quit the race, shows Mamdani way out in front with 47%.
Ex-New York Gov. Andrew Cuomo is currently polling at 29% and Republican candidate Curtis Sliwa is at 11%.
The Post ran an editorial last week warning how states such as Texas are moving in to swoop up financial jobs and that New York is reaching “the point of no return” amid a looming Mamdani victory.
The Lone Star State levies no state personal or corporate taxes, while New York state personal levies range from 4% to 10.9%, and its corporate tax rate runs from 6.5% to 7.25%
JPMorgan now employs more people in Texas than any other US state, while Goldman Sachs is working on an 800,000-square-foot building that will open in Dallas in 2028.
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