Zohran Mamdani announced on Thursday that New York City will host a new Business Advisory Council comprising fifteen leaders from finance, real estate, health care, technology, sports and retail. The move is intended to soften a fraught relationship between the democratic socialist mayor and the city's powerful corporate community.
Council composition and notable members
The roster includes Hamdi Ulkaya, founder and chief executive of Chobani, and Kruti Patel Goyal, chief executive of Etsy. Real-estate heavyweight Scott Rechler, chairman and chief executive of RXR, and New York Liberty chief executive Keia Clarke also signed on. Other members range from health-care chief John D'Angelo of Northwell Health to chef-entrepreneur Marcus Samuelsson.
"The doors of City Hall are always open to New York's business leaders, and I look forward to welcoming their experience and strategic guidance as we build a stronger, more dynamic economy," Mamdani said.
Who stayed away and why
Absent from the list are current executives from the city's largest financial and technology firms. No representative from JPMorgan, Citigroup, American Express or BlackRock joined, nor did any senior figure from Meta or Alphabet.
Last year, Jamie Dimon, chief executive of JPMorgan, described Mamdani's movement as "more Marxist than socialist" while offering assistance if he became mayor. The mayor's office said some invitees could not fit the time commitment into their schedules, others lacked corporate clearance, and a few were wary of the media attention the council would attract.
City Hall approached at least three high-profile leaders who declined: Bank of America's New York City president Jose Tavarez, former American Express chief executive Ken Chenault and private-equity executive Charles Phillips. A Bank of America spokesperson declined comment, while Chenault and Phillips did not respond to requests for comment.
Why the council matters
The council will meet quarterly with Mamdani and Deputy Mayor for Economic Justice Julie Su to advise on sectors such as finance, technology, real estate, entertainment and health care, as well as infrastructure, the city's talent pipeline and regulatory issues. With employment near a record high, 4.85 million jobs as of July and an unemployment rate of 5%, the mayor's agenda includes rent freezes for stabilized apartments, free city buses and higher taxes on corporations and wealthy residents to fund these initiatives.
"The biggest challenges we face cannot be solved by business or government alone," Ulkaya said. "They require us to come together, listen to one another and work with a shared sense of purpose."
Rechler told the Times that he had raised concerns with the mayor over rhetoric on Israel, but added that engaging with leaders even when they disagree was essential. He described Mamdani and his team as "constructive and responsive partners" and pledged to provide "candid input" through the council.
What comes next
The inaugural meeting is set for later this quarter. By bringing together a cross-section of industry leaders, the mayor hopes to shape policies that balance his progressive agenda with the practical concerns of the business community. Whether the council can bridge the divide remains to be seen, but its quarterly sessions will offer a formal channel for dialogue that has been missing since Mamdani took office.