Table of Contents
- Unexpected Outreach to Power Brokers
- The Penthouse Pivot
- Why Business Leaders Are Listening
- What This Means for November
- Sources
Zohran Mamdani Reaches Out—Despite $20M in Opposition
Just weeks after winning the Democratic primary for New York City mayor, Zohran Mamdani did something few expected from a self-described democratic socialist: he picked up the phone and called one of his fiercest critics.
That call was to James Whelan, president of the Real Estate Board of New York (REBNY)—the very organization that helped fund a record-breaking $20 million super PAC aimed at sinking Mamdani’s campaign during the primary.
For a candidate who built his platform on freezing rents and challenging corporate power, the move raised eyebrows. But it also signaled a strategic shift: Mamdani isn’t just rallying the grassroots—he’s quietly courting the city’s most influential capitalists.
The Penthouse Pivot
In early August, Mamdani attended a private, off-the-record meeting at the sun-drenched, dog-friendly penthouse office of Jed Walentas, REBNY’s chairman and one of Brooklyn’s most prominent real estate developers.
According to two sources familiar with the gathering, Mamdani was “polite, earnest, and quick on his feet.” He didn’t back down from his core beliefs—but he listened, asked questions, and left the room having planted seeds of a fragile but real dialogue.
“He didn’t come to negotiate policy,” said one attendee who requested anonymity. “He came to understand their concerns—and to show he’s not the caricature they feared.”
Why Business Leaders Are Listening
At 33, Mamdani has become the most polarizing mayoral candidate in recent NYC history. His “freeze-the-rent” mantra and calls for wealth redistribution sparked panic among real estate moguls, hedge fund managers, and business associations. Some even floated relocating headquarters out of state.
Yet behind closed doors, a surprising trend is emerging: skepticism is giving way to cautious curiosity.
What Changed Their Minds?
- Pragmatism over ideology: Mamdani emphasized that a functional city needs a strong private sector.
- Direct access: Unlike predecessors who avoided developers, Mamdani is offering face-to-face engagement.
- Electability reality: With the general election looming, business leaders know Mamdani could win—and they’d rather have a seat at the table than be shut out.
What This Means for November
Mamdani’s charm offensive doesn’t mean he’s abandoning his base. His campaign insists that tenant protections, affordable housing mandates, and corporate accountability remain non-negotiable.
But by building back-channel relationships with figures like Whelan and Walentas, Mamdani may be laying groundwork for a governing coalition that transcends traditional left-right divides.
As one political strategist put it: “You can’t govern New York City by shouting from the rooftops. You have to sit in the room—even if it’s a penthouse.”
Sources
Mamdani Seeks to Charm New York’s Most Powerful Capitalists – The New York Times
