Connecticut Governor Sounds Alarm: Wall Street at Risk if Mamdani Wins NYC Mayor’s Race
Connecticut Gov. Ned Lamont is raising red flags over the possibility of Zohran Mamdani winning the New York City mayoral race, warning that a Mamdani administration could destabilize Wall Street and deliver a financial shock that spills beyond New York’s borders.
Speaking to Bloomberg Television on Tuesday, Lamont said, “New York City is the financial capital of the world — and we’re a big piece of it here. 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 is home to several of the world’s largest hedge funds, including Ray Dalio’s Bridgewater Associates, Steve Cohen’s Point72, and Cliff Asness’s AQR Capital Management. Many financial executives and traders live in Connecticut and commute into Manhattan daily. The state’s economy is deeply intertwined with New York’s financial sector, and Lamont’s warning suggests growing regional concern over Mamdani’s economic agenda.
Mamdani, a self-proclaimed socialist who defeated Andrew Cuomo in the Democratic primary, has sent shockwaves through the financial and real estate sectors. His campaign platform includes rent freezes, open government-run grocery stores, free child care, and tax hikes on corporations and high-income earners.
At just 33 years old, the Uganda-born Queens assemblyman has surged to the front of the race, with a Fox News poll from September showing him leading the field with 47%, far ahead of Cuomo at 29% and Republican Curtis Sliwa at 11%. Incumbent Mayor Eric Adams dropped out last week, leaving a political vacuum that Mamdani appears poised to fill.
Lamont warned that Mamdani’s platform threatens to unravel New York’s competitive edge and could push finance jobs out of the state altogether. “They [Wall Street firms] know where the state is going to go and the taxes are a little bit less,” he said, touting Connecticut’s steadier business climate.
His warning echoed a recent New York Post editorial that cautioned about a potential exodus of financial jobs to states like Texas, which imposes no personal or corporate income tax. Texas has already become a serious player in finance, with JPMorgan now employing more workers in Texas than in New York and Goldman Sachs constructing a massive new headquarters in Dallas slated to open in 2028.
With Mamdani’s rise threatening to upend the financial ecosystem, Lamont’s message is clear: the stakes of the New York mayoral election could extend far beyond city limits — and the impact on Wall Street could be seismic.