Wall Street reacts to Mamdani’s win

Reuters has been getting the reaction of Wall Street to Mamdani’s win. Mamdani, who describes himself as a democratic socialist, has proposed raising the state corporation tax and hiking income taxes on New Yorkers who earn more than $1m annually, causing jitters among the city’s financial elite. Tim Ghriskey, a senior portfolio strategist at Ingalls & Snyder, told Reuters that Mamdani’s victory will be “an interesting experiment”. “We’ll see how much he tries to really change New York City and how he is accepted,” he said.