Mayor Zohran Mamdani may rail against Wall Street capitalists, but they’re showering him with so much cash, he may no longer be able to cry poverty as an excuse for tax hikes.
A report Tuesday from state Comptroller Tom DiNapoli shows New York security-industry profits for the first half of 2026 surged a stunning 51.3%, year over year, to $45.9 billion.
That’s more than the city projected for the entire year.
With that come some jaw-dropping bonuses: As The Post’s James Franey reports, 20 bosses at Goldman Sachs will share a whopping $500 million bonus pool — among the biggest payouts the bank’s ever awarded.
The stunning gains put the industry on pace to hit a record $90 billion by year’s end.
All of which, notably, generates huge taxes for the city and state; Wall Street’s boom accounted $7.8 billion in tax revenue for City Hall through last year, a 15.8% jump.
The city had projected a 30% plunge in 2026 profits.
The windfall should make it way easier to close gaping future-year budget holes without tax hikes — assuming Mamdani exercises a modicum of spending restraint.
“Strong profits should continue to provide an important boost to state and city revenue,” predicted DiNapoli.
Yet the mayor still faces serious problems: For starters, Wall Street is ponying up 9.2% of the city’s tax collections and 20.8% of the state’s — cash City Hall and Albany have become dangerously dependent on.
And even as he keeps giving the wealthy fresh reasons to flee, other states are seeing faster securities-industry growth than New York: While securities-industry jobs here grew 12.2% from 2019 to 2025, they shot up 26% in Texas and 46.1% in Utah.
Meanwhile, the mayor is doing everything possible to drive businesses away: During his 2025 campaign, he bemoaned the very existence of billionaires.
As mayor, he first demanded an additional $4 billion tax hike on millionaires, on top of the millionaires’ tax they already were paying.
He had to settle for a pied-à-terre tax on $1 million-plus apartments, but he then vilified billionaire Ken Griffin in a video on his “victory”; Griffin responded by expanding his company in Florida instead of New York.
More: Mamdani’s taxpayer-funded army of influencers plotted a smear campaign against city CEOs to push tax hikes, as The Post revealed.
And now he’s backing a City Council bill to give individuals a “private right of action” to sue companies based on supposedly unfair business practices.
“New York City’s businesses are not the enemy,” fumes NYC Partnership President Steve Fulop, noting the bill would boost consumer costs and make the city less affordable.
Yet Mamdani’s desire to rake in ever-higher tax bucks to pay for his wild spending dreams means he’ll need not just the securities industry but other businesses to remain in New York.
With math like that, he might want to rethink his hostility toward the people buttering his bread.
This story originally appeared on NYPost
