Billionaire grocery magnate John Catsimatidis has issued a stark warning about the economic consequences of socialist policies championed by New York City Assemblyman Zohran Mamdani. The Gristedes supermarket owner claims such measures could spell disaster for the city's business landscape.
The Billionaire's Warning
Catsimatidis, whose fortune is estimated at $4.1 billion, didn't mince words when criticising Mamdani's progressive agenda. "These socialist policies are a recipe for economic disaster," he stated, arguing they would drive businesses out of the city and reduce tax revenues.
Mamdani's Controversial Proposals
The Democratic Socialist assemblyman has advocated for policies including:
- Substantially increased taxes on the wealthy
- Expansion of rent control measures
- Greater government intervention in private businesses
Catsimatidis counters that these measures would backfire, ultimately harming the very people they're designed to help.
Business Community Concerns
The billionaire's comments reflect growing unease among New York's business leaders about the city's political direction. Many fear that progressive policies could undermine New York's position as America's financial capital.
"When businesses leave, jobs disappear and tax revenues dry up," Catsimatidis warned. "Then who pays for all these social programs?"
