Kevin O’Leary warns of NYC mayoral candidate’s economic agenda: ‘The money just leaves’

O’Leary Ventures Chairman and “Shark Tank” co-host and investor Kevin O’Leary directed blistering criticism of New York City mayoral candidate Zohran Mamdani’s economic policies during a recent Fox News appearance.

The businessman, appearing Friday on Fox News, said policies that Mamdani is campaigning for mayor on will cause money and business to leave the Big Apple. 

“You can’t do this in an environment where there’s competition of other states,” O’Leary said.

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“The money just leaves. The tax base leaves. The capital leaves. The developer leaves. The risk capital leaves,” he argued. “And you’re left with a collapsing environment.” 

Mamdani says on his campaign website that he will “lower costs and make life easier” in New York City through his policies if elected mayor. 

Mamdani has run on a platform that includes economic policies aligned with progressives and socialists in the Democratic Party, such as a $30 minimum wage, tax hikes on businesses and the rich and other policies, like creating city-owned grocery stores and imposing a rent freeze for stabilized tenants.

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Among other things, the mayoral candidate has also said he wants to permanently get rid of city bus fares as well as make priority lanes for them and take other steps to make them faster.

O’Leary, who said Mamdami has been saying “free everything” during the campaign, argued the candidate “is turning New York into the American nightmare.” 

“The money comes in. It flies right over New York City, and it lands somewhere else,” he said of the possible impact of Mamdani’s polices on the city. 

FOX Business reached out to Mamdani’s campaign for comment. 

Mamdani, currently a state assemblyman for the 36th District covering Astoria, Ditmars-Steinway and Astoria Heights in Queens, recently secured his win in the New York City Democratic mayoral primary.

“I am humbled by the support of more than 545,000 New Yorkers in last week’s primary,” he said in a July 1 post on X. “This is just the beginning of our expanding coalition to make New York City affordable.”

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Curtis Sliwa received the Republican nomination in the city’s mayoral election, according to The New York Times. A few other candidates, including current Mayor Eric Adams, are also running for mayor. 

Adams has been the city’s mayor since 2022. 

The general election for New York City’s mayor is slated to take place Nov. 4. The city will be holding an early voting period from Oct. 25 to Nov. 2 ahead of that, according to the Board of Elections on the City of New York website. 

Michael Dorgan contributed to this report.