Wall Street couldn't stop mayor Mamdani. Now it has to work with him.

Added the crypto evangelist and investor Anthony Pompliano: “It is insane that a socialist was just elected mayor of the financial capital of the world.”

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Reaction was equally glum among real-estate developers and property owners, who fiercely opposed Mamdani proposals, including a freeze on rents in stabilized apartments. Billy Macklowe , who recently opened a retail and residential project in Brooklyn, said he still plans to move forward with several new projects. “Hopefilly, there will not bea shock to the system,” he said.

Wall Street has benefited historically when the city flourished. And partnerships between Wall Street firms and the city helped fix broken infrastructure and clean up Central Park.

To some who worry about Mamdani’s policies, random street crime is the primary concern, Murders fell from a high of more than 2,000 in 1990 toa moder low of 292in 2017. Hate crimes in New Yorksstate rose 12.7% in 2023, with nearly 44% of all recorded hate-crime incidents and 88% of religiousbased hate crimes targeting Jewish victims, according toa report from the state comptroller’s office.