'Are You Worried the Billionaires Are Going to Go Hungry?' Warren Asks Mamdani Critic

Before joining New York City mayoral candidate Zohran Mamdani at an event focusing on childcare in the largest city in the U.S., Sen. Elizabeth Warren appeared on CNBC where she feigned concern for New York's richest residents—those who aren't being centered in Mamdani's campaign focused on making housing, groceries, and other essentials more affordable for the city's working class.

"Oh dear, are you worried that billionaires are going to go hungry?" the Massachusetts Democratic senator asked anchor Dan Faber when he inquired whether raising taxes on the richest residents is how Mamdani's far-reaching economic justice initiatives should be funded.

Faber responded that rich New Yorkers will leave the city if Mamdani becomes mayor and succeeds in establishing city-owned grocery stores and universal childcare by raising the corporate tax rate to 11.5%—the rate that already exists in neighboring New Jersey and that would raise $5 billion—and instituting a 2% tax on households earning above $1 million annually.

"Do you know how many working families are chased out of New York City every day because they can't afford housing, they can't afford groceries, they can't afford groceries?" Warren asked Faber.

She later added that billionaires have repeatedly threatened to leave the city at various times. Real estate brokers have expressed doubt that wealthy New Yorkers like Gristedes magnate John Catsimatidis and hedge fund manager Bill Ackman will follow through on their threats, and state tax data has shown that recent shocks like the coronavirus pandemic and tax code changes have not pushed the rich away.

Data also backs up Mamdani's warnings that more and more families in New York are having an increasingly hard time affording life in the city, with Columbia University and the anti-poverty group Robin Hood reporting earlier this year that 1 in 4 New Yorkers can't afford essentials like housing and food.

"You want to have a workable city?" asked Warren. "You want to have a city that's vibrant, you want to have a city where the streets are full, where there are things for sale 24 hours a day, then you need people who can live here and work here."

Warren's comments preceded her appearance with Mamdani, currently a state assemblymember who represents parts of Queens, at the headquarters of District Council 37, the city's largest public employees union, where they spoke about childcare challenges for families in New York. Parents in the city pay nearly $3,000 per month on average for full-time childcare, and more for an infant.

"We know that it is our responsibility to move beyond the broken politics of the past, of our city and our state, and start to offer an alternative across this country to what it could look like to be a people that fight for the families that raise us," said Mamdani at the event.

The progressive candidate has pledged to make childcare free for all New York City families with children aged 6 weeks to 5 years.

Warren said at the event that following Mamdani's surprise victory against former Gov. Andrew Cuomo in the Democratic primary in June, the city "is the place to start the conversation for Democrats on how affordability is the central issue, the central reason to be a Democrat, and that delivering on it in meaningful, tangible ways that will touch working families is why we're here."

The senator endorsed Mamdani days after his primary victory—a step that powerful establishment Democratic figures in the assemblyman's home state, such as U.S. House Minority Leader Hakeem Jeffries, Senate Minority Leader Chuck Schumer, and Gov. Kathy Hochul—have yet to take.

"The way I see it, Zohran ran a campaign that inspired people, that actually got people on their feet," said Warren on Monday. "And the issue he focused on? Affordability."

Mamdani's primary success, said Warren, raises the question: "Why are billionaires and Wall Street CEOs pouring millions of dollars into a race to stop Zohran?"

In an article in Rolling Stone, the senator noted that Mayor Eric Adams—who is running as an independent and is currently in fourth place in general election polls, with just over 12% of the vote compared to Mamdani's 35%—"raised $1 million in a single night from donors with ties to big law firms, commercial brokerages, and big real estate developers who could lose their iron-fisted grip on New York in a Mamdani administration."

Ackman has also played Cuomo and Adams against each other, she wrote, holding "back-to-back meetings" so the candidates could "tap dance for the 'hundreds of millions of dollars' he has said he will spend" to defeat Mamdani.

"In a democracy, billionaires should not be able to buy our elections and control our politicians," wrote Warren. "Elected officials should work for their constituents, not use their government offices to hand out favors to a well-connected few."

Mamdani, she said in a video posted on social media, is "not afraid to take on the billionaires and the giant corporations to make New York more affordable."