New York City mayoral hopeful Zohran Mamdani has rattled Wall Street with his plans to raise taxes on the rich, freeze rents and boost spending to pay for free childcare and education at the city’s public universities.

Wall Street’s nerves are shot tonight because Zohran Mamdani just clinched the Democratic primary for New York City mayor, and November’s general looks like a formality, according to CNBC. The 33-year-old three-term Assemblymember and democratic socialist plans to raise taxes on high earners,

Panicked Wall Street financiers are racing to rally behind an “anyone-but-Mamdani” candidate for New York City mayor after 33-year-old democratic socialist Zohran Mamdani unexpectedly clinched the Democratic nomination on Tuesday.