Balthazar owner Keith McNally — whose SoHo hotspot has been a magnet for A-listers and one-percenters for years — is throwing his support behind marxist New York City mayor candidate Zohran Mamdani.
McNally — who owns more than a dozen eateries in Manhattan including Minetta Tavern, Pastis and Morandi — called the democratic socialist “fantastic” on Instagram, adding: “More so, when my affluent, paranoid friends tell me Mamdani’s dangerous.”
The restaurateur joins left-leaning financiers, corporate lawyers and other business leaders who are aligning behind Mamdani — despite his platform to tax wealthy to pay for his expansive social programs, according to the Wall Street Journal.
Mamdani became the front-runner to lead the nation’s center of capitalism by shocking former Gov. Andrew Cuomo to win the Democratic primary for mayor last month.
His policy proposals include free public buses, a freeze on regulated rents, universal childcare starting at six weeks old and a pilot program for city-run grocery stores.
Yet a growing faction of millionaires sees Mamdani as a necessary force to address the city’s deepening income inequality — and are willing to pay their “fair share” to elect him over current Mayor Eric Adams, who will run as an independent.
James Hueston, a 27-year-old venture capitalist, is part of a group of younger, upwardly mobile professionals, many in finance, who are backing Mamdani’s campaign.
“In my eyes, I should absolutely be paying my fair share for the people that need it,” Hueston told the Journal, adding that his views don’t represent those of his employer.
“I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies.”
Voting data show that about a third of the city’s wealthiest residents supported Mamdani in the primary. Many donors — particularly from Wall Street and large law firms — have remained anonymous, citing concerns about being ostracized by colleagues or clients.
One executive at a major bank told the Journal she feared for her safety and that of her family if her support became public.
Campaign finance records confirm that Mamdani received contributions from a trader at Jane Street Capital, a managing director at Deutsche Bank and several employees at Goldman Sachs.
While critics like billionaires Bill Ackman and Dan Loeb have denounced Mamdani’s agenda and thrown their financial might behind Adams, others have offered words of encouragement.
Bradley Tusk, a venture capitalist who ran Michael Bloomberg’s third campaign for mayor, wrote on LinkedIn that New Yorkers should “do what we can to help him succeed.”
These unusual alliances may stem from a belief that Mamdani’s proposals are either politically constrained or morally necessary. Some backers assume that Albany’s control over taxation will prevent the most aggressive parts of his agenda from being enacted.
Others argue that his focus on small businesses, transit equity and public health infrastructure could improve quality of life across the city.
“His qualifying comments have identified the capitalist system as promoting income inequality. A lot of people in business agree with him on that,” said Kathy Wylde, president of the Partnership for New York City, a major business group.
Wylde met with Mamdani in September and recalled him saying, “I’m not in favor of government taking over your business.”
Wylde, who did not offer an endorsement, added that Mamdani “has already acknowledged that the housing crisis is only going to be addressed if there’s an increase in private supply. So he’s not just talking about social or socialized housing solutions.”
Mamdani has also faced intense criticism from Jewish leaders and pro-Israel groups for defending the slogan “globalize the intifada,” supporting BDS and sponsoring the “Not on Our Dime!” Act, which aimed to block New York charities from aiding the Israeli military or settlements.
After the October 2023 Hamas attack, Mamdani condemned Israeli actions but did not explicitly criticize Hamas, further fueling accusations of bias.
Some supporters said Mamdani’s immigrant background and Muslim identity also influenced their decision to back him, particularly in contrast to Cuomo, who left office in disgrace over allegations of sexual harassment.
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President Trump’s threat to deport Mamdani, a naturalized citizen born in Uganda, has further energized parts of the city’s diverse business class.
Even Mamdani’s ads have struck a chord with entrepreneurial voters. In one campaign spot, he promises to cut red tape for street vendors. In another, filmed in a neighborhood bodega, he pledges to simplify permitting processes for small businesses.
“For immigrants coming to this country, these small businesses represent the single path for upward mobility that they have,” Ahmed Haque, CEO of Didactic Labs, told the Journal.
“Overall, they are far more open to Mamdani’s message because the high costs of New York City are forcing them out of the city.”
Mamdani’s coalition includes both immigrant entrepreneurs and prominent investors.
Mark Gorton, CEO of Tower Research, told the Journal he supports Mamdani’s plan for free buses and brushed off warnings that wealthy residents would leave the city if taxes rise.
“New York is a pretty special place,” he said. “It’s very hard to go somewhere else. And are you going to do it for an extra 2%?”
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