Banks Will Bolt Out of NYC if Mamdani Wins, Hugh Hewitt Says They’ll Go Here [WATCH]

Conservative radio host Hugh Hewitt cautioned Friday that New York City could see a mass exodus of its financial and banking industries if Democratic mayoral nominee Zohran Mamdani is elected this November.

The remarks were made during an appearance on Fox News’ Hannity, where Hewitt discussed the implications of Mamdani’s progressive platform for the city’s economy and residents.

Mamdani, a Democratic Socialist and current New York State Assemblyman, won the party’s mayoral nomination on Tuesday after former Governor Andrew Cuomo conceded the race before official results were finalized.

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The nomination quickly sparked debate across business and political circles about the direction of the nation’s largest city.

Appearing on Hannity, guest host Kellyanne Conway asked Hewitt how businesses should prepare for Mamdani’s proposed economic agenda.

“I think that they ought to be on alert and try and do everything they can to defeat Mr. Mamdani or they’re going to have to leave,” Hewitt responded.

“I said today on an earlier Fox program, I expect Miami is rooting for Mr. Mamdani because they’re going to get all the banking and finance that leaves New York City, a city of 8 million people. But there’s a huge sector of finance and banking that will flee from this. And capital is mobile.”

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Concerns about Mamdani’s platform have also been raised by prominent business leaders.

Billionaire hedge fund manager Bill Ackman voiced his opposition in a post on X, describing Mamdani’s proposals as “dangerous and economically unviable.”

Ackman warned, “The city cannot print money, and this federal government won’t bail NYC out if things go bad.”

I awoke this morning gravely concerned about New York City. I thought “What has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn’t understand that freezing rents will only…

— Bill Ackman (@BillAckman) June 26, 2025

Mamdani’s policy platform includes a slate of left-wing economic initiatives, such as raising the minimum wage to $30 per hour, imposing a state-level corporate tax, and implementing a 2% flat tax on high-income earners.

The candidate claims the proposed measures would help generate $10 billion in new revenue to support programs including free childcare, public transportation, and government-operated grocery stores.

Hewitt said the consequences of such policies could reach beyond Wall Street.

“I also want to warn people he’s on the warpath against housing. He wants to regulate rents,” he said.

“All that does is make housing scarcer and drive up rents. He’s on a campaign against basic centrism. He’s the most radical candidate that I’ve ever seen nominated for a major office in any United States political race.”

“He’s that radical,” Hewitt continued.

“Parents in New York City have got to worry, as well as businesspeople, because he has a direct impact on their schools. I think it would be a disaster for this guy to win, but it’s New York City.”

While Mamdani has received endorsements from prominent progressives such as Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders, others within his own party and beyond have expressed reservations.

Critics have pointed to his plans to “Trump-proof” New York City by ending cooperation with U.S. Immigration and Customs Enforcement (ICE) and allocating over $160 million in taxpayer funds for immigration legal services.

This comes amid polling that shows a majority of voters support deportations for those in the country illegally.

The general election will take place in November, with voters weighing in on whether Mamdani’s vision aligns with the future of the city.

Business groups, financial institutions, and political leaders are closely watching how the race unfolds, particularly given the national implications of a Democratic Socialist potentially leading America’s financial capital.

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