Zohran Mamdani’s shock-to-the-establishment victory on election night left the Wall Street and billionaire class reeling, but it could provide a jolt to the small business community.
Supporters of Zohran Mamdani point to the mayor-elect of America’s largest city having put out a detailed policy plan for small businesses. Among Mamdani’s small business policy proposals are cutting fines and fees for small businesses in half, including the $1,000 new business registration fee; speeding up permitting and making online applications easier; and a 500% increase in funding, to $25 million, for a city program that gives business owners individualized support. New York City’s Business Express Service Teams (BEST) directly assist small businesses in applying for permits and complying with regulations.
While threats have been made by the wealthy and big business class to abandon New York in the face of higher taxes, Mariano Torras, professor and chair of finance at the Robert B. Willumstad School of Business at Adelphi University on Long Island, says that Mamdani is trying to stem the tide of small businesses leaving the city.
“We have seen a recent exodus of small businesses from NYC, as business owners find themselves priced out by policies that invariably favor large corporations and especially real estate developers,” said Torras.
