Former Douglas Elliman CEO Dottie Herman and Stew Leonard’s President and CEO Stew Leonard Jr. converse with Fox Information Digital about their opposition to NYC mayoral candidate Zohran Mamdani’s insurance policies.
From government-run grocery shops to punishing “dangerous landlords,” a handful of New York Metropolis mayoral candidate Zohran Mamdani’s proposals have New York energy gamers sounding the alarm.
“You are in a road combat if you happen to get into the meals enterprise, okay? It is a sandbox factor,” Stew Leonard’s President, Stew Leonard Jr., instructed Fox Information Digital. “You gotta be in there with sharp costs, more energizing product, friendlier folks… Can the federal government do this? I don’t know.”
“I put my profession on it. If he will get away with [this], which, truly, he cannot do that alone with all of those proposals, and he places increasingly more burden on the share of people who pay all of the taxes to start with… he makes it inconceivable for companies to outlive,” Douglas Elliman Vice Chair – and Forbes’ most profitable self-made girl in actual property – Dottie Herman additionally stated to Fox Information Digital.
Self-proclaimed Democratic socialist Mamdani has dominated current headlines and seemingly the polls after clinching a historic, and deeply polarizing, victory by formally receiving essentially the most votes ever recorded in a New York Metropolis mayoral main.
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Based on his marketing campaign platform web site, Mamdani desires to create a community of city-owned grocery shops that purchase and promote merchandise at wholesale costs, freeze rents, construct 200,000 reasonably priced models over 10 years and overhaul landlord code enforcement, amongst different issues.
New York Metropolis Democratic-socialist mayoral candidate Zohran Mamdani is receiving some backlash from the area’s enterprise titans. (Getty Photographs)
“I am unsure how that may work,” Leonard stated of the grocery retailer plans, whereas additionally declaring that he doesn’t wish to get too political. “We now have eight shops proper now and we even have eight wine and spirit shops. They are not simple to run. I imply, the meals enterprise is a troublesome enterprise. The margins are very slender. The one benefit of meals is everyone’s received to eat.”
“New York Metropolis’s a troublesome, aggressive marketplace for meals proper now,” the tri-state space farm-fresh meals retailer added. “It is seven days per week, and the weekends are our busiest days… When you’re alongside Second Avenue, I used to be speaking to among the retailers, [it’s] $200, $300 a sq. foot… you bought to do plenty of quantity if you will pay quite a bit for actual property.”
“I by no means speak about politics, however I’m speaking now as a result of I actually do not wish to see New York destroyed. And I actually imagine, with each breath of me, that if he will get in, we shall be in a socialized nation,” Herman famous.
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“The land is pricey in New York,” she added. “I believe he ought to be giving builders incentives. Not saying, ‘Properly, I will simply take it from the companies and the wealthy,’… I had folks name up and say, ‘We’re shopping for plot property in New York Metropolis. Do you suppose we must always cancel the contract?’ As a result of they have been afraid.”
Mamdani presently represents Astoria and Lengthy Island Metropolis within the New York State Meeting. His two-term file consists of pushing for tenant safety, opposing utility fee hikes and advocating for mass transit subsidies.
With the intention to collect funds essential to comply with via along with his insurance policies, Mamdani additionally desires to boost the company tax fee to 11.5% and add a 2% flat tax fee on the town’s wealthiest residents. Nevertheless, these proposals would require approval from the New York State Legislature and Gov. Kathy Hochul, who has considerations about affordability and millionaires fleeing the town.
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Whereas some NYC enterprise leaders have thrown help behind Mamdani, together with Balthazar’s Keith McNally, and a slew of left-leaning company attorneys, financiers and younger millionaires, each Leonard and Herman famous that Mamdani’s methodology may quantity to unfair competitors because of tax, labor and regulatory burdens.
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“The important thing to this enterprise is freshness,” Leonard identified. “You may’t purchase stuff after which have it sit there for per week or one thing… Can you retain that power and that pleasure with the meals enterprise in New York?”
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As well as, Leonard questioned whether or not government-run supermarkets would comply with federal “Make America Wholesome Once more” pointers beneath HHS Secretary Robert F. Kennedy Jr., like his enterprise has.
“Are you gonna remove dye from all of your merchandise within the retailer? Are you gonna remove hormones and antibiotics from each single product? Are you going to remove sugar from plenty of gadgets?” he pressed. “And would Mamdani wish to be excellent on all that stuff? Properly, that is gonna elevate the costs of the product that you simply promote within the retailer.”
Herman flagged fundraisers which have been began by different involved businesspeople that intention to maintain Mamdani out of workplace.
“I do not converse alone. I have not heard anyone that I’ve spoken to that has a unique opinion. That is why they’re beginning fundraisers,” she stated. “I undoubtedly suppose property values will go down… And also you’d have lots of people put their properties in the marketplace. And at this level, we have now a scarcity of housing… you are going to discourage folks from shopping for any form of rental property.”
A billboard in Instances Sq. promotes an anti-Zohran Mamdani message, in New York Metropolis, New York, Tuesday, July 15, 2025. The advert, paid for by the “Vivek Tremendous PAC — Victors, not Victims,” (VPAC) helps Vivek Ramaswamy’s Republican run for governor in Ohio. –> | Fox Information
“What enterprise goes to return to New York once they’re restricted to what cash they will make? I imply, that is America – you could be a poor man’s son or daughter, and you may work arduous and get someplace,” Herman continued.
Leonard agreed that if Mamdani is elected, he wouldn’t look to increase his grocery chain within the metropolis.
“I don’t give it a excessive fee of success… if any person had [told] Stew Leonard’s to open 5 shops in New York proper now at one time, I would wrestle with making an attempt to make all of them profitable… It is an actual problem.”
Herman predicted one of many different mayoral candidates, Andrew Cuomo or incumbent Eric Adams, would want to bow out and help the opposite particular person to create a united entrance in defeating Mamdani.
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“I fear about this. If you hear, ‘free this, free that – free, free, free,’ effectively, clearly, on this world, nothing’s free,” she stated. “I might inform New Yorkers, No. 1, vote, okay? Vote and just be sure you have an understanding of the matters, however undoubtedly vote. I believe New Yorkers want an even bigger turnout with voting.”
Mamdani’s marketing campaign didn’t return Fox Information Digital’s request for remark.
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Fox Information’ Jasmine Baehr contributed to this report.