·New York CityFrom Mike Bloomberg to Jamie Dimon to ‘staunch capitalist’ Kathy Hochul, New York’s ly next Mayor Zohran Mamdani is meeting with lots of peopleBy Nick LichtenbergBy Nick LichtenbergFortune Intelligence EditorNick LichtenbergFortune Intelligence EditorNick Lichtenberg is Fortune Intelligence editor and was formerly Fortune's executive editor of global news.SEE FULL BIO Zohran Mamdani.Spencer Platt/Getty ImagesNew York Governor Kathy Hochul has labeled herself a “staunch capitalist” while affirming her intent to collaborate with Zohran Mamdani, the Democratic Socialist mayoral candidate who has rapidly become the frontrunner for New York City’s top job.
The political spotlight on Mamdani intensified throughout the week as he met with Mike Bloomberg, a former three-term mayor and a billionaire with deep ties to the city’s class and philanthropic community.
And in a Thursday interview with The New York Times, Mamdani signaled that he will apologize for his previous criticisms of the New York Police Department.
The trio of developments reveal a moment when New York’s powers that be seem to be making peace with an incoming heavyweight player, while they clarify just how socialist they’re willing to be in their policies.
Translation: not very. Hochul’s declaration was dered during an interview with Bloomberg TV, in which she underscored her opposition to tax increases and reinforced her - values.
Hochul said es need to know that “the city of New York, as powerful and mighty as it is, is still a subdivision of the state, so any tax increase has to come across my desk first.” Mamdani campaigned on tax increases including a new tax on millionaires and an increase in the state’s corporate tax rate.
The governor’s remarks were widely seen as both a pitch to reassure nervous leaders and a marker of her intent to maintain a pragmatic working relationship with whoever occupies City Hall—even if it’s a Democratic Socialist Mamdani.
She said she’ll work “to help him understand that when we want to solve society’s blems, and there are many, we also need to make sure we have the resources to do it.” That involves, in Hochul’s opinion, being -friendly in the sense of “letting people know” that building companies, creating wealth and hiring people is appreciated.
Mamdani and Bloomberg: An unexpected summit While Hochul was affirming her capitalist bona fides, Mamdani took the extraordinary step of meeting with Mike Bloomberg, the billionaire man and former mayor known for his centrist .
Bloomberg, who previously spent millions to oppose Mamdani’s primary bid, did not endorse the socialist but spent the session discussing transportation, policing, and the mechanics of City Hall staffing.
The encounter was described as friendly and “quite substantive,” according to Bloomberg’s advisor Howard Wolfson.
Mamdani’s willingness to engage with establishment figures Bloomberg signals his intent to build a broad coalition, despite marked differences on issues taxation and policing.
The Times reported that they had never before met each other.
The optics of this meeting present a balancing act for Mamdani as he seeks both gressive support and the confidence of elites increasingly anxious his economic platform.
It represents a departure from the style of former Mayor Bill De Blasio, who was Bloomberg’s left-wing successor, widely known to keep a close counsel.
Kathy Wylde, CEO of the Partnership for New York, said on Bloomberg’s Odd Lots podcast in July that De Blasio was not known for engaging with major leaders in this fashion throughout his eight years in office.
She also said leaders were anxious, if not terrified, at the idea of Mamdani being elected, but also quite complimentary of his political skills.
One of those leaders, JPMorgan CEO Jamie Dimon, called Mamdani “more of a Marxist than a socialist” in July, while with many of the “idiots” in the Democratic Party.
Dimon, long thought to be sympathetic to the Democrats if not always a registered Democrat himself, said the party had “big hearts and little brains.” And yet Dimon got on the phone and had a friendly conversation with Mamdani soon afterward, Bloomberg reported, citing people briefed on the call.
Bloomberg further reported that Wylde had been helping to facilitate meetings beween Mamdani and the class, giving out his campaign information to roughly a dozen executives while also arranging connections with other candidates.
Mamdani’s changing tone In another dramatic development, Mamdani issued an apology for remarks made during the 2020 George Floyd tests, when he called the NYPD “racist, anti-queer & a major threat to public safety.” Mamdani also repeated the slogan, at that time and later criticized by figures including James Carville as harmful to left-wing causes, advocating for the defunding of the police.
In s to the Times, he acknowledged that his previous words were dered “at the height of frustration” and do not reflect his current outlook or campaign priorities.
Union leaders cautiously welcomed the apology, viewing it as a necessary step in establishing trust between Mamdani and law enforcement—a group historically skeptical of his platform.
However, critics and some rank-and-file officers remain unconvinced, accusing Mamdani of political opportunism as Election Day apaches.
With recent polls showing Mamdani leading his rivals by double digits, the intersection of Hochul’s pragmatism, Mamdani’s outreach, and the powerful symbolism of their evolving relationship mises a uniquely unpredictable contest for New York’s future.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh.
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