Zohran Mamdani wins the New York mayoralty

Zohran Mamdani, a 34-year-old New York State assemblyman and the Democratic Party’s candidate, won New York’s mayoral election on 4 November 2025 with just over 50% of the vote. He defeated former governor Andrew Cuomo, who ran as an independent after losing the June Democratic primary to him, and Republican Curtis Sliwa. Turnout, with more than two million voters, was the highest in decades.

Who he is

Mamdani was born in Kampala (Uganda) in 1991, the son of film-maker Mira Nair and academic Mahmood Mamdani, and came to New York as a child. He describes himself as a democratic socialist. He will be the city’s first Muslim mayor and the first born in Africa, and takes office on 1 January 2026.

His campaign focused on the cost of living: freezing rents on rent-stabilised flats, of which there are around a million, free city buses, universal childcare and city-run grocery stores. To pay for it he proposes higher taxes on people earning more than a million dollars a year and on large corporations, measures that depend on New York State.

Why it matters

New York is the world’s financial capital and one of the cities with the highest wealth per head. The victory of a candidate proposing higher taxes on high incomes opened a debate about wealthy taxpayers possibly leaving for other states such as Florida, a trend already seen after the pandemic. During the campaign Donald Trump threatened to cut federal funding to the city if Mamdani won.

What to bear in mind

For those who own property in New York or plan to invest there, the rent measures could affect returns on rent-stabilised buildings, and tax rises, if passed, the taxation of residents. Many of the proposals need the approval of the governor and the state legislature, so their real reach will only become clear over time.

Ask your adviser if you have property or tax interests in New York.

Big cities also vote on the price of living in them.