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Stock impact report

Will the rich leave New York after Mamdani takes office? Probably not, experts say [Yahoo! Finance]

Warby Parker Inc. (WRBY) 
Company Research Source: Yahoo! Finance
some critics about a potential exodus of wealthy people bent on keeping their money out of government coffers. As the warning goes, a tax increase at the top could drive away affluent New Yorkers and undercut revenue meant to fund proposals like universal child care, free city buses and publicly owned grocery stores. John Catsimatidis, the billionaire owner of grocery chain Gristedes, told the Free Press in June he may "consider closing our supermarkets and selling the business" in the event of a Mamdani victory. Neil Blumenthal, the co-founder and co-C.E.O of eyewear company Warby Parker, said, “I will never move from New York, but there's a lot of other people that will and are leaving New York." Even Democratic New York Gov. Kathy Hochul, who ultimately endorsed Mamdani, warned in an interview in June about the possible departure of the wealthy set. “I don't want to lose any more people to Palm Beach,” Hochul told local outlet PIX 11 , underscoring her opposition to a tax inc Show less Read more
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