Why Isn’t the Liberal Press Covering Wall Street’s Warning That Mayor Mamdani Will Bankrupt NYC?

If Mamdani becomes mayor, New York City won’t just lose jobs, financial businesses— it will lose its economic engine that balances its ever-expanding budget.  Mamdani’s platform calls for sharp tax increases, including a new 2% city income tax on millionaires and higher corporate levies. That’s not reform — it’s economic sabotage. And Wall Street knows it.

Financial firms and top earners are already moving operations — and billions in assets — to lower-tax states like Florida and Texas. Those states have quietly siphoned over $1 trillion in Wall Street business. Mamdani’s agenda would accelerate the flight and decimate what remains.

New York City is entering dangerous political territory — Most of the City’s  press are Following Their Political Narrative

The city’s once-powerful media, battered by the internet and fragmented into ideological silos, no longer commands the attention or influence it once had. Where the press once held politicians accountable and helped unite New Yorkers in times of crisis, today’s fractured landscape allows radical candidates like Zohran Mamdani to rise with little scrutiny.

To their credit, outlets like the New York Post and WABC Radio have begun sounding the alarm about Mamdani’s extreme and unworkable agenda. But while their reporting is closely followed by political insiders, it has failed to break through to most of the city’s voters — particularly the younger, progressive-leaning demographics Mamdani courts through social media and targeted outreach.  The majority of the NYC press have become fellow travelers in Mamdani’s socialist experiment — cheerleaders for a movement they’re supposed to scrutinize.

Meanwhile, the liberal press — the outlets that actually reach Mamdani’s base — have largely abdicated their watchdog responsibility. Instead of challenging his dangerous ideas, many simply echo his press releases and amplify his slogans. The result? His radical platform, which includes abolishing all cash bail, defunding the NYPD, and slashing jail capacity, is not known to a majority of NYC voters. And let’s be honest: this isn’t just media negligence. It’s ideological alignment.  The NY Post and WABC radio needs to go beyond the echo chambers of conservative media and start reaching all of NYC voters where they actually are: on their phones, in their communities, and across the digital platforms Mamdani has mastered. 

The NY Times left-wing reporters pushing Mamdani are for the first time in history truly separated from the Times Editorial Board which wrote during the primary wrote: “Don’t vote for Mamdani. Mr. Mamdani is running on an agenda uniquely unsuited for the city’s challenges… He shows little concern about the disorder of the past decade, even though its costs have fallen hardest on the city’s working-class and poor residents.   We do not believe that Mr. Mamdani deserves a spot-on New Yorkers’ ballot”

Wall Street is warning us. Jamie Dimon, CEO of JPMorgan Chase — the nation’s largest bank — has branded Mamdani a “Marxist.” CEOs from BlackRock, Goldman Sachs, Blackstone, and Bank of America have declined to engage with NYC civic groups under the current political climate. CNBC has reported on New York City bracing for a “wealth flight.” Real estate leaders call Mamdani’s policies “absolutely catastrophic.” But you won’t read that in the New York Times or see it on NY1.  Why?

NYC liberal press is more interested in celebrating Mamdani’s performative politics than examining the real-world fallout. Maybe because covering the consequences of his policies would break their liberal news narrative. But whatever the reason, refusing to report the risks doesn’t make them go away.

The stakes couldn’t be higher. In fiscal year 2023–2024, New York State collected $19.4 billion in taxes from the securities industry — 19% of total revenue. New York City took in $5.1 billion, or 7% of its total revenue, from that same sector. A Wall Street exodus would gut these revenues — and trigger massive budget cuts to schools, sanitation, public safety, transit, and more. This isn’t a hypothetical warning. It’s already happening. Mamdani’s win in the Democratic Party is a warning shot. His mayoralty would be a breaking point.  If New York’s liberal media won’t cover the financial alarm bells, they’re complicit in what happens next.