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After Mamdani’s Win, Trump Warns on Funding as Billionaires Pivot to Offer Help

The 34-year-old democratic socialist now faces steep hurdles from Albany, Washington and Wall Street to deliver his affordability agenda.

Overview

  • President Donald Trump criticized Mamdani’s victory speech and said it could be hard for Washington to send New York money, framing a potential squeeze on federal funds.
  • Several financiers who funded efforts against him—among them Bill Ackman, Jamie Dimon and Mike Novogratz—signaled a willingness to engage with the mayor-elect after election night.
  • Mamdani’s coalition leaned heavily on affordability proposals such as a rent freeze for rent-stabilized units, universal child care and free buses, which were central to his campaign message.
  • Exit polls showed decisive support from younger voters and recent arrivals, including 78% of voters under 30 and 81% of residents who have lived in the city less than a decade.
  • A sprawling ground game that knocked on nearly 3 million doors helped drive record turnout and over a million votes for Mamdani, but analysts note state approvals and market pressures could constrain his plans.