Billionaire property developer and Miami Dolphins owner Stephen Ross has issued a stark warning about the future of New York City under its new mayor, Zohran Mamdani, suggesting his political ideals could cripple the metropolis.
A Clash of Ideologies in the Big Apple
The controversy centres on the recent inauguration of Zohran Mamdani, 34, as New York City's first Muslim mayor. Mamdani, who identifies as a democratic socialist, won office on a platform promising transformative policies. His key pledges include introducing free bus travel, providing universal free childcare, and raising corporate tax rates.
This agenda has sparked significant concern among some business leaders, most vocally from Stephen Ross. The billionaire, who helped develop parts of Manhattan and is estimated to be worth $17 billion, did not mince words in a recent interview with Bloomberg.
"Ideals Not Good for Business"
"New York can't go through good times," Ross stated bluntly. "Because the ideals that he stands for are not good for business... we've never seen it work anywhere. So why should it work in New York with those type of ideas?"
Ross expanded his critique by drawing a direct comparison to another major US city that has faced well-publicised challenges. He warned that New York could end up mirroring the difficulties experienced by San Francisco, which has become a focal point for debates over Democratic governance amid issues with crime, drugs, and a notable exodus of businesses.
The San Francisco Parallel: A Cautionary Tale
"If everybody's fears come to light, it could be a lot like what San Francisco went through with that type of government," Ross cautioned. "That lasted four years. It did really great damage to San Francisco. Now, they're fighting their way through it, but you don't just turn around the city overnight with the kind of damage that's been done there and how people feel about it."
The Dolphins owner pointed to the regulatory environment in California as a blueprint for what he fears could happen in New York. "Doing business in California, there's so many restrictions, it's so difficult, there's so much added costs," he explained. "Corporations go where businesses can operate and make profits and government has the least amount of interference."
Ross specifically highlighted the current debate around a proposed billionaire tax in New York as a major red flag for the business community. "Look at today they're debating whether there's going to be a billionaire tax. That's frightened every person that's there," he said. "That's what California has become."
The public criticism from a figure of Ross's stature sets the stage for a potentially turbulent early period for Mayor Mamdani's administration. It underscores the deep ideological divide between progressive municipal governance and established corporate interests, a conflict now playing out on one of the world's most prominent urban stages.
