Some New York investors and business leaders are dismayed that democratic socialist Zohram Mamdani will become the next mayor of New York City.

Many Democratic leaders and donors are panicking about Zohran Mamdani, the 33-year-old democratic socialist who won the party's nomination to be the next mayor of New York City. Why it matters: Establishment Democrats looking to recover from 2024's losses fear Mamdani could hurt the party's brand nationally — while young progressives believe his formula could spread beyond New York.