Panelists join ‘FOX Business In Depth: Socialism Threat and the Future of Capitalism’ to discuss how the election of Zohran Mamdani as the next mayor of New York City could influence the nation’s political and economic direction.
New York City’s newly elected mayor has promised sweeping changes when he takes office, including a rent freeze and universal free childcare. But his democratic socialist messaging, critics say, has put some New Yorkers on edge.
City Councilwoman Inna Vernikov, whose family fled the Soviet Union, said she is “absolutely devastated” by what she called the city’s shift toward socialism.
“The former Soviet Union was a communist country, and we fled here in the 80s and 90s for capitalism, for the free market economy, for the American dream,” Vernikov said Saturday as part of a panel on “FOX Business In Depth: Socialism Threat and the Future of Capitalism.”
Zohran Mamdani, New York City’s mayor-elect, arrives for an election night event at The Brooklyn Paramount Theater in the Brooklyn borough of New York on Tuesday, Nov. 4, 2025. (Adam Gray/Bloomberg/Getty Images / Getty Images)
“We became doctors, we became lawyers. I’m a member of the government in the largest city in the world, and the idea that everything we escaped is coming here is absolutely unbelievable,” she added.
Fox News Digital reached out to representatives for Mamdani for comment.
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Zohran Mamdani, a self-described democratic socialist, was declared the winner of the mayoral race on Election Night. He defeated former Gov. Andrew Cuomo and Republican nominee Curtis Sliwa.
His platform has included a rent freeze, free public buses, universal childcare and a pilot program of city-run grocery stores in every borough.
New York City’s then-mayoral candidate Zohran Mamdani, center, celebrates with Sen. Bernie Sanders, left, and Rep. Alexandria Ocasio-Cortez, right, during an election rally at Forest Hills Stadium in Queens, New York, on Oct. 26, 2025. (Andres Kudacki/Getty Images / Getty Images)
The price tag of these programs has some business leaders wondering how Mamdani will pay for them.
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“It’s [going to] be more difficult,” businessman John Catsimatidis told FOX Business’ David Asman.
Catsimatidis has repeatedly spoken out against Mamdani, threatening to move his grocery store chain, Gristedes, out of the city.
MTA buses are seen in New York City on Thursday, Nov. 6, 2025. (Michael Nagle/Bloomberg via Getty Images)
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Marcus Lemonis, CEO of Camping World, also expressed concern about operating businesses in New York City, though he acknowledged affordability is a national concern for many Americans.
“Affordability is an issue everywhere. It is not just in New York City, from Seattle to Minneapolis to Chicago to wherever it may be,” said Lemonis.
Then-mayoral candidate Zohran Mamdani speaks to supporters during a campaign canvas event at Prospect Park in Brooklyn. (Stephanie Keith/Getty Images / Getty Images)
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“But I have a high level of confidence, and you probably would expect me to say this, that capitalism will always win out and that the idea of socialism is, in my opinion, a good experiment,” he said.
A Fox News poll found that affordability was a primary reason Mamdani soared to victory. 56% of voters felt the cost of living was the most important issue facing New York City. It was followed by crime at 22% and immigration at 9%.
‘Hannity’ has the latest on the results of the New York mayoral election.