Anthony Scaramucci Says Zohran Mamdani As NYC Mayor Will Cause 'Happy Feet, Rich People To Leave The City'
Anthony Scaramucci, the founder of SkyBridge Capital and a vocal cryptocurrency backer, cautioned that the election of Zohran Mamdani as New York City’s mayor could lead to an exodus of the city’s wealthy, potentially causing significant economic strain.
What Happened: Speaking with the TheStreet Roundtable, Scaramucci expressed his concern about the potential impact of the Democratic nominee.
“The aura of him will cause a flight from the city,” Scaramucci, a New Yorker himself, said. “It’ll cause happy feet, rich people to leave the city."
Scaramucci said that New York has already lost "half a million’ of the super-rich people since 2017 and predicted another 150,000 to 200,000 wealthy residents would leave if Mamdani wins.
Notably, a study by the Fiscal Policy Institute found that the high-earner migration out of New York during the COVID years, i.e, 2020-2022, was temporary, primarily driven by work-from-home.
“While New York lost 2,400 millionaire households over the past three years (2020-2022), New York gained 17,500 millionaire households in the same period due to a strong economy and rising wages,” the report read.
The report also ruled out “statistically significant evidence” of tax migration in New York.
Why It Matters: Mamdani, the 33-year-old progressive state representative, emerged victorious in the New York City Democratic mayoral primary. His proposals have sparked significant debate among the rich New Yorkers, particularly the proposal to raise income taxes on those earning $1 million a year or more by 2%, according to Reuters.
Billionaire entrepreneur Mark Cuban, who is also a vocal pro-cryptocurrency advocate, likened Mamdani’s campaign approach to “Trump 101,” noting that both politicians center their campaigns on issues that resonate with voters, regardless of the feasibility of their promises.
Mamdani has found support from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (I-VT) for his focus on public welfare.
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Posted-In: Politics
