New York City, often hailed as the world’s financial capital, witnessed a political earthquake on 5 November 2025. In the race for the 36th District State Assembly seat, 33-year-old Social Democrat Zohran Mamdani not only secured re-election but also defeated his rival by an astonishing 30-point margin, setting a new benchmark in the city’s political history.Click Here To Follow Our WhatsApp Channel
This victory was not merely about winning a seat — it was a clear message to New York’s real estate magnates, Wall Street power brokers, and tech billionaires:
“Your era is over.”
When Money Lost the Battle
The coalition of wealthy donors formed against Mamdani turned this contest into one of the costliest primaries in American history.
The Real Estate Board of New York (REBNY), along with billionaire donors such as LinkedIn founder Reid Hoffman, Quicken Loans’ Dan Gilbert, and Ripple’s Chris Larsen, poured over $2 million into Mamdani’s opponent’s campaign.
As the New York Post summed it up:
“Billionaires bet big to stop a socialist – and lost bigger.”
But when the final votes were counted, the message was unmistakable —
Money lost, and the people won.
In his victory speech, Mamdani addressed the billionaire class directly:
“They thought democracy could be bought with money. Tonight, the people of Brooklyn, Queens, and Manhattan proved that our voices cannot be silenced.”
Real Estate Lobby in Panic
Mamdani’s triumph has sent shockwaves through New York’s real estate elite, who now describe him as “the greatest threat to New York’s economy.” His agenda, however, is straightforward and people-centred:
- Mandatory rent stabilisation for all apartments
- Passing the “Good Cause Eviction” bill to protect tenants
- Imposing higher taxes on vacant properties to raise $10 billion for social housing
- Introducing the “Pied-à-terre” tax on luxury second homes
REBNY president James Whelan quickly warned:
“This will be disastrous for New York’s economy.”
Meanwhile, The New York Times reported that the real estate lobby has begun pressuring Assembly Speaker Carl Heastie to remove Mamdani from the Housing Committee.
Wall Street’s Fury and Media Backlash
Outlets like Bloomberg News, Fox News, and the New York Post have branded Mamdani a “dangerous socialist.”
One billionaire donor, speaking anonymously to The Intercept, admitted:
“We did everything we could to defeat him. Now he’s in the Assembly, and he’s about to raise our taxes. This is a death sentence for our business.”
Reid Hoffman went so far as to declare that he would “never again support socialist candidates” and demanded his political contributions be returned.
Democratic Establishment on Edge
State Governor Kathy Hochul and New York City Mayor Eric Adams — both known for their close ties with real estate interests — have labelled Mamdani an “extremist.”
At a press conference, Hochul remarked:
“Our city needs a business-friendly environment, not socialism.”
But the public sentiment tells a different story.
Following Mamdani’s victory, #MamdaniWave began trending across social media, as young people, workers, and tenants throughout New York took to the streets in celebration of what they see as a new dawn for the working class.
The Beginning of a New Era
Zohran Mamdani’s victory is not just an electoral win — it marks the start of a new political era in New York, where money and lobbying power are being challenged by grassroots people’s movements.
In his closing remarks, Mamdani said:
“This victory is not mine. It belongs to every tenant who sleeps in fear of eviction.
To every student buried under debt.
To every worker juggling two jobs and still struggling to get by.
Tonight, we proved that New York is no longer the city of billionaires — it’s the city of its people.”
New York’s billionaire class may have lost more than an election —
they’ve lost their comfort.
And perhaps, this fear is only the beginning.
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