New York City business leaders are split on whether to relocate their firms to avoid Mayor-elect Zohran Mamdani’s policies

Some usiness leaders and Wall Street players threatened to leave New York City if Zohran Mamdani became mayor—now they're facing reality. (Credit: ANGELINA KATSANIS/AFP via Getty Images)

Democratic socialist Zohran Mamdani is New York City’s mayor-elect, set to assume office on Jan. 1, and some billionaires have floated relocating their businesses out of the largest U.S. city.

Real estate investor and Starwood Property Trust CEO Barry Sternlicht told CNBC in a recent interview that his firm is considering relocating now that Mamdani will be the city’s next mayor, and that he expects other businesses to do so as well.