How $30 sandwiches pushed New York to embrace a socialist

The soaring cost of living and unaffordable rent have fuelled the rise of left-wing mayoral candidate Zohran Mamdani, sparking panic on Wall Street.

Zohran Mamdani, New York City mayoral candidate, buys a shaved ice during a campaign event. Bloomberg

Hans van LeeuwenJournalist

Jun 27, 2025 – 10.55am

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Zohran Mamdani’s unexpected triumph in the New York Democratic mayoral primary has sent shock waves from Washington to Wall Street.

Donald Trump has called him “a 100pc communist lunatic”. Hedge fund billionaire Dan Loeb joked on social media: “It’s officially a hot commie summer.”

The Telegraph London

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Hans van LeeuwenJournalistHans van Leeuwen is international economy editor for The Telegraph UK. He was previously The Australian Financial Review’s Europe correspondent.