Topline
The Associated Press called the New York City mayoral race for Democratic New York state member Zohran Mamdani on Tuesday evening, nearly 40 minutes after polls closed in the race, which also included former New York Gov. Andrew Cuomo and Republican candidate Curtis Sliwa.
AFP via Getty Images
Timeline
Mamdani is greeted by cheering supporters as he delivers his victory speech, beginning with a quote from American socialist leader Eugene Debs: “I see the beginning of a better day for humanity.”
“My friends, we have toppled a political dynasty. I wish Andrew Cuomo nothing but the best in his private life, but let tonight be the last time I say his name as we turn the page on a politics that abandons the many and answers only to the few,” Mamdani said.
Mamdani said New York voters delivered a “mandate for change” and “mandate for a new kind of politics.”
“Thank you to the next generation of New Yorkers who refused to accept that the promise of a better future was a relic of the past,” Mamdani said as he thanked the young voters who formed a key part of his coalition.
Mamdani became the first New York mayoral candidate to receive more than 1 million votes since 1969, with 12% of the votes yet to be counted. The last person to achieve that goal was former Mayor John Lindsay, who was elected as an independent candidate in 1969.
The Associated Press estimated that 83% of votes were counted, with Mamdani receiving 50.5% (972,905 votes), ahead of Cuomo’s 41.4% and Sliwa’s 7.3%.
The Associated Press called the race for Mamdani, who captured just over half of the votes tallied and an estimated 75% of the votes counted.
Mamdani’s odds on the Kalshi prediction market rose to 98%, while Polymarket showed a 100% chance.
The New York City Board of Elections reported Two million votes had been cast – the highest number in a mayoral election since 1969.
Mamdani’s odds against Kalshi stood at 95%, while Polymarket showed a 97% chance for the self-proclaimed democratic socialist to become the next mayor.
Voter turnout in New York City was more than 1.8 million, the highest in the city since 1993. The New York Timeswhich showed that turnout is on track to exceed 2 million votes.
Mamdani’s odds of winning reached 93% on Kalshi and as high as 94.6% on Polymarket on Tuesday afternoon.
Cuomo’s odds at around the same time were 7% on Kalshi and 5.5% on Polymarket, while Sliwa’s odds of winning on both betting sites were around 1%.
Polls in New York City are open and will remain open until 9 p.m
Get Forbes Breaking News Text Alerts: We’re launching SMS alerts so you’re always up to date on the top stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or Log In here.
Which billionaires got involved in the New York City elections?
At least 26 billionaires made donations in the mayoral election, with $22 million of money going to groups opposed to Mamdani. Former Mayor Michael Bloomberg donated $8.3 million to the Fix the City super PAC, which supported Cuomo, and also received a donation from Airbnb co-founder Joseph Gebbia. The Lauder family also donated to Fix the City, donating $2.6 million to the super PAC and anti-Mamdani group Sensible City. Hedge fund manager Bill Ackman has invested $1.75 million in Fix the City and Defend NYC.
What has Trump promised to do about a Mamdani victory?
Trump urged voters to back Cuomo, a former Democratic candidate who ran as an independent, a day before polls closed. He said he would rather see a Democrat win the election than a “communist with no experience,” referring to Mamdani, a member of the Democratic Socialists of America. Trump, born and raised in New York City, told “60 Minutes” days before the election that it would be “difficult” to provide federal money for the city because “if you have a communist running New York, all you’re doing is wasting the money you’re sending there.” The president reiterated this idea Monday before Mamdani’s victory, saying in a Truth Social post, “It is highly unlikely that I will contribute federal funds other than the bare minimum as required” to New York City.
What did Wall Street say?
Wall Street expressed concern about a Mamdani win, with Dean Lyulkin, CEO of private investment firm Cardiff, telling Reuters he saw it as a risk in 2026. He added: “Actual policy often turns out to be much more favorable than campaign rhetoric, but if other major cities follow this pattern, markets could start to price in more tax and regulatory risks.” Peter Cardillo, chief market economist at Spartan Capital Securities, also spoke to Reuters before the election, noting that despite a Mamdani victory, “I don’t think we’ll see the drastic program he’s proposing come into effect.” Wall Street firms involved in investing, advisory and asset management overwhelmingly donated to pro-Cuomo groups, according to a report Business insider analysis, while contributions from companies in research, human relations and business operations favored Mamdani.
Important background
Mamdani won the Democratic nomination for mayor, as well as support from the Working Families Party, a progressive and left-wing party, making him two entries on the ballot paper. He defeated Cuomo for the Democratic nomination with 56% of the vote in June, leading Cuomo to run as an independent candidate. Mamdani’s campaign has turned heads on both Republicans and Democrats for supporting policies that, if enacted, would raise corporate taxes, freeze rents on rent-stabilized apartments and make city buses free.
Read more
Here’s How Much New York Mayor Zohran Mamdani Is Worth (Forbes)
These Are the Billionaire Donors Behind Tuesday’s Election (Forbes)
Everyone But Mamdani: These Billionaires Are Spending Big To Prevent Him From Becoming Mayor Of New York (Forbes)
Here are the two billionaires supporting Zohran Mamdani (Forbes)
#York #mayor #election #live #updates #Mamdani #wins