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New York City to elect new mayor


New York City to elect new mayor

Photo: Eduardo Munoz/Reuters

New Yorkers head to the polls today for the city’s 2021 Mayoral election in which Democratic nominee Eric Adams is expected to easily win.

Adams, a former Captain in the New York Police Department, has promised to focus his tenure on reducing gun violence and income inequality, all the while attracting and growing new business to New York.

Washington DC exerts tremendous power through Manhattan’s financial markets, which control a greater share of global transactions than all other financial markets combined. Competing global financial centers like London and Shanghai, and even domestic ones like Nashville and Denver hope that Adam’s goals are too ambitious and unattainable, so that more of Manhattan’s financial titans can be convinced to relocate their operations.

It’s likely that an Adams administration will immediately focus on reducing regulatory barriers to encourage real estate investment that will lower the cost of living, while lowering business taxes on the financial sector to incentivize the wealthy to stay. If successful, Adams’ policies will create a positive feedback loop and bring new business opportunities to the US. If unsuccessful, the exodus of businesses and the wealthy to other global capitals that has been exacerbated by the pandemic will increase.

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