A nonprofit group responsible for Connecticut’s business recruiting and retention efforts is hoping to capitalize on concerns some New York City business leaders have about mayor-elect Zohran Mamdani, a Democratic socialist.
As it became increasingly clear in recent weeks that Mamdani would win Tuesday’s mayoral election, AdvanceCT staff ramped up outreach to New York City financial services firms.
“Mayor-elect Mamdani has made it fairly clear that he has a specific point of view about the business community in New York,” said John Bourdeaux, president and CEO of AdvanceCT. “We are wondering if the business community in New York might be thoughtful about that, and whether or not they would want to engage in a conversation with us about a potential relocation or expanding their operations to the east of where they are now.”
Bourdeaux said AdvanceCT has long prospected in and around New York City but recently accelerated those efforts. Staff have been asking companies about their level of concern with the incoming Mamdani administration; if there’s little unease, he added, the group will shift its focus elsewhere.
Mamdani ran on a platform that was unpopular with a vocal portion of New York City’s business community, promising to raise taxes on large corporations and wealthy individuals in order to invest in social programs that aim to lower the overall cost of living. He said he would make the city’s buses fare-free, freeze rent on stabilized apartments and provide universal, no-cost child care for children up to five years old. He also promised to raise the minimum wage and build new affordable housing.
This prompted some of the city’s wealthiest residents to spend heavily against Mamdani in the campaign.
Mamdani has asserted his affordability push will prove a boon for businesses.
“We are going to make this city more affordable so that workers that want to work at those companies can actually be able to do so,” Mamdani said during an Oct. 16 debate. “And we are going to ensure that this city continues to be one where we see businesses opening and also staying open.”
At that debate, Mamdani also said the city’s culture, arts scene and dynamic population will continue to make it a stand-out destination for businesses.
Bourdeaux said uncertainty surrounding a Mamdani administration could prompt some companies — particularly in financial services — to vote with their feet. If they relocate, he added, Stamford and other parts of southwest Connecticut are likely to be top contenders, offering a high quality of life, proximity to New York-based workers and a stable business climate.
Bourdeaux said his agency is also working to leverage a business recruiting campaign being launched this month by the city of Stamford.