Tipsheet

A Study Shows How Much Money NYC Stands to Lose From Mamdani's War on the Rich

Amy Curtis
Amy Curtis  |  June 25, 2026 9:00 AM

The 'warmth of collectivism' sure looks like a lot of economic trouble for New York City. While Mayor Zohran Mamdani vows to tax the rich to pay for a bunch of woke governmental offices and social programs, he forgets one thing: millionaires and billionaires often have the means by which to leave tax traps, and they take their wealth with them.

Now some studies are showing the Big Apple could lose at least $12 billion while Mamdani wages war on the wealthy.

Here's more:

Mayor Zohran Mamdani’s hostile stance toward New York City businesses could jeopardize $12 billion in GDP — triggering a “death spiral” in the city’s finances as the young socialist blows off billionaire Ken Griffin moving jobs south, insiders warn.

Dire data exclusively provided to The Post by the Partnership for New York City shows the coalition’s 300 corporate and financial firms that have created nearly a million jobs, as well as contribute $13.5 billion in taxes and generate $370 billion to the city’s GDP every year.

The windfall for the Big Apple, however, could be endangered if growth declines even a modest amount, according to the data — a growing prospect if a feared exodus of billionaires fleeing the socialist mayor gains steam.

The windfall for the Big Apple, however, could be endangered if growth declines even a modest amount, according to the data — a growing prospect if a feared exodus of billionaires fleeing the socialist mayor gains steam.

“The numbers don’t lie,” said Steve Fulop, the business group’s president and CEO.

“New York’s private sector has invested billions and created hundreds of thousands of jobs. You can only treat job creators like the enemy for so long before they stop creating jobs here. The far left can run on socialism all day, but cities run on tax revenue — and tax revenue requires businesses that actually want to be here.”

As the wise Margaret Thatcher once said, "The problem with socialism is you eventually run out of other people's money."

The same thing will happen in California, with its proposed five percent wealth tax on the rich.

Or some Democrat-run administration will bail the city out, much in the same way a bailout from albany 'closed' the City's budget gap.

It'll be all self-inflcted.

They have no idea how to run a business or manage money. They're often spoiled, rich, and privileged themselves and most haven't done an honest day's work in their lives.