Zohran Mamdani's strong chances of being elected as New York City's next mayor have raised concerns among Israeli companies operating in the city under the leadership of someone widely considered a harsh critic of the State of Israel. This concern casts a shadow over the future of these companies' extensive business activity in New York, as their share of the city's economy totaled $13.3 billion in the past year alone.
The figures come from a new study conducted by the US-Israel Chamber of Commerce. Beyond the significant share of economic activity, Israeli companies provide nearly 58,000 jobs in the city. 90% of economic activity and jobs across 648 Israeli-founded businesses are concentrated in five of the city's boroughs.
In an interview with the New York Post, a biotech company CEO, speaking anonymously, said " his business could be another to flourish for the Big Apple, but that a Mamdani administration would make him think twice about landing in the city because of the leading Democratic nominee's staunch criticism of the Jewish state." He added, "I need to see if his words have any meaningful impact on the ground. And if it causes Israeli companies to leave New York, obviously, it will have a major impact on the economy."
"When Israeli tech entrepreneurs think about entering the US market or positioning their companies for global growth, New York City is at the top of the list," US-Israeli Business Alliance President Aaron Kaplowitz said in a statement. "Ultimately, this cosmopolitan appeal translates into more local jobs and more money flowing through the city's economy."
Against the backdrop of Mamdani's harsh statements against Israel since October 7, the CEO who spoke to the Post said, "I have Israeli friends who moved to New York with the Israeli companies that they are working for, and they've been there for years, and they've described to me after Oct. 7 how difficult it's been to live in the city." He continued, "If someone on our team is moving to New York, I want them to be in a pleasant area where they don't feel fearful, or, from a business perspective, deal with people that are shying away because the company's Israeli," the CEO said.
