Mayor Zohran Mamdani announced the release of a report detailing racial and equity disparities in the city of New York at Medgar Evers College, Brooklyn, April 6, 2026. Gregory P. Mango for NY Post Not even 100 days into Mayor Zohran Mamdani’s term, Gotham is already facing grim economic prospects. So what is Hizzoner focusing on? Why, racial equity, of course.
Over the weekend, Partnership for NYC CEO Steven Fulop warned that Wall Street firms — the city’s cash cows — are increasingly eyeing the exits to escape Mamdani’s “tax the rich” crusade.
JPMorgan Chase chief Jamie Dimon sounded similar alarms, noting that New York’s steep taxes and red tape have sparked a “large exodus” of businesses out of the city.
Wall Street powerhouse Apollo Global Management’s plans to locate a second US headquarters outside NYC is the latest example.
And all this on top of a new Bureau of Labor Statistics employer survey that flags the loss of 20,000 Big Apple jobs in 2025, even though the state and city comptrollers had both expected an increase of 40,000.
With companies heading out, the job loss seems only set to grow.
So is the mayor announcing a raft of regulations he aims to relax to retain businesses?
Calling for a roll-back of New York’s job-killing minimum wage? Pushing tax cuts to stem the flight?
Ha. Mamdani still seeks to sock taxpayers for every penny he can.
And on Monday, he made clear what concerns him the most: racial equity.
The mayor released two reports: one outlining a framework for addressing supposed racial bias in city government; the other reporting the city’s “True Cost of Living” — a bizarre, made-up number that lets Mamdani somehow claim 62% of New Yorkers don’t earn enough to “fully participate in the economy and save for the future.”
The racial equity report has already caught the attention of the Justice Department for potential “raced-based” policymaking.
Mamdani hopes his reports will shore up ties to alienated black voters. He claims affordability issues — the high cost of child care and housing, for instance, rather than, say, crime or lousy schools — are driving out black working-class New Yorkers.
Let’s set the record straight: New York government (which is what Mamdani’s racial equity report focuses on) hasn’t be racially biased for years.
The city elected its first black mayor more than 37 years ago, and its second in 2021. Both state legislative leaders are black, and blacks have held numerous other top political positions at both the city and state level.
And, yes, Gotham is expensive, but that’s often because of the ridiculous policies pushed by progressives and socialists like Mamdani. Not racism.
The corporate taxes and minimum wage he wants to raise, for example, will only mean higher prices for the public.
Rent freezes will further erode the city’s housing stock, making it harder to find an affordable apartment.
Meanwhile, Mamdani has no plan to grow the economy. None.
Heck, he’s yet to tap someone to head the Economic Development Corporation and is the first mayor in recent memory not to have a deputy mayor for economic development.
Then again, he does have a deputy mayor for economic justice.
Clearly, the mayor has his priorities screwed up. The city needs its businesses and jobs, not plans to address nonexistent racial bias in government.
If he doesn’t change course, New Yorkers will pay a heavy price — or leave the city altogether, along with all those companies.
