Mamdani elected as New York City mayor: The Hopes and Challenges of Small Businesses

The victory of Mamdani, the mayoral candidate in New York, has sparked widespread discussions, particularly among small business owners. This outcome not only raises concerns among some of the city's wealthiest individuals but also brings hope to many ordinary small business owners living in New York. Mamdani has proposed policies aimed at supporting small businesses, especially those small shop owners facing high living costs and cumbersome administrative procedures. His plan is seen by many as a crucial opportunity to alleviate their survival challenges.

Change and Challenge

Some of Mamdani's proposed policies include halving fines and fees for small businesses, streamlining the license approval process, and even establishing a "Shopkeeper Tsar" to assist small merchants in overcoming difficulties. Additionally, he pledged to provide one-on-one support for small businesses by offering more funding. Mamdani also committed to allocating more personnel within the city government to help small merchants open their businesses faster and streamline the cumbersome approval process.

However, not everyone was entirely confident in Mamdani's policies. Some business leaders, particularly Mark Jaffe, president of the Greater New York Chamber of Commerce, expressed concerns. Jaffe questioned Mamdani's proposed city-operated grocery store initiative, arguing that it could undercut small convenience stores, especially in the fiercely competitive retail market.

Cross-cultural support

Mamdani's policies also garnered support from businesses across various ethnic backgrounds. Selyne Aklesh, an assistant pharmacist from Queens, noted that Mamdani's focus on the struggles of low-income communities and minority business owners resonated deeply. In these areas, many entrepreneurs and customers are immigrants from around the world, struggling to make ends meet amid soaring living costs. Aklesh specifically highlighted how the high prices of medicines and food have made basic necessities increasingly unaffordable for more customers, and Mamdani's price reductions would help these businesses cut costs while ensuring that residents of low-income communities can access essential goods.

In the renowned multicultural neighborhood of Steinway Street, Mamdani's victory has also greatly inspired local businesses. The residents here come from the Middle East, Latin America, and other regions, and Mamdani's supportive policies have given them more confidence to continue operating. Akrush noted that Mamdani's election holds significant meaning for these small businesses, as he not only focuses on economic issues but also dedicates himself to maintaining the stability and prosperity of the multicultural community.

The Test of the Future

Mamdani's election has brought hope to many small business owners in New York, particularly those from minority backgrounds. For small business owners, Mamdani's proposed measures—tax cuts, streamlined administrative procedures, and increased support—clearly offer a new chance for survival. Although Mamdani's policies have inspired optimism among many small business owners, his plans also face significant challenges. Firstly, some business leaders, especially Mark Jaffee, president of the Greater New York Chamber of Commerce, worry that Mamdani's proposals could disrupt the existing business landscape. For instance, Mamdani's proposed city-run grocery store initiative might compete with small convenience stores, taking their market share. Such intervention could unsettle some merchants, especially those already struggling to survive in an extremely competitive market environment.

In addition, Mamdani plans to reduce administrative burdens and streamline approval processes, which is beneficial for small businesses. However, balancing administrative efficiency and quality control in practice remains a challenge. While the needs of many small businesses are urgent, how the municipal government ensures the fairness and transparency of policy implementation during execution will directly impact the effectiveness of these initiatives. For this bustling metropolis full of challenges, whether Mamdani's policies can fulfill his promises—to ease the pressure on small business owners and create a more equitable competitive environment—will be a crucial test in the coming years.