Mark Cuban rips Zohran Mamdani’s promise to freeze rent

Add Mark Cuban to the list of business titans who are throwing cold water on Zohran Mamdani’s left-wing platform of rent freezes and cheap groceries at municipally-run supermarkets. 

The billionaire entrepreneur and former Dallas Mavericks owner criticized the New York City mayoral candidate, saying that his campaign promises appear too good to be true. 

“We’re cutting rents, right? We’re changing grocery stores. None of that s–t has a chance. Doesn’t matter,” Cuban told the “Pod Save America” podcast on Sunday, referring to Mamdani’s campaign pledges.  

The 33-year-old democratic socialist has vowed to freeze rent on all stabilized apartments and stock city-owned grocery stores that would not pay rent or property taxes. His campaign website says the savings would be passed on to shoppers. 

“This guy is walking in telling me he’s going to walk on water. He’s going to make me more money, he’s going to save me money, he’s going to make my life better,” Cuban continued. 

The former “Shark Tank” investor likened Mamdani to President Donald Trump, adding that both men appealed to voters with sweeping promises regardless of whether those proposed policies were plausible. 

“That tactic is Trump 101. Is it true? Does it matter?” Cuban said. 

In a separate statement to Business Insider, Cuban elaborated on his skepticism.  

“Until we see actual process and plans to actually implement a promise, I look at his, and all campaign promises, as nothing more than promises,” he said.  

Cuban compared Mamdani’s rhetoric to Trump’s campaign claim that Mexico would pay for a border wall.

“We are going to do X, and someone else will pay for it. That seems to be the path of least resistance to getting votes for any office,” the tech billionaire said. 

Cuban also said he does not plan to endorse any candidate in the race because he is not a New York City resident.  

Mamdani’s rise has unsettled the business community — including several high-profile billionaires and corporate leaders who have openly criticized him, funded his opponents or threatened to withdraw business from the city altogether. 

Hedge fund mogul Bill Ackman, CEO of Pershing Square, has been among Mamdani’s most vocal critics, questioning the legitimacy of his primary victory and decrying what he characterizes as the candidate’s “socialist” agenda.  

Ackman has warned that low voter turnout in primaries is enabling radical policy proposals to gain traction, often using social media to amplify his concerns. 

Elon Musk, CEO of Tesla and SpaceX, has joined the chorus of critics, publicly expressing concern about Mamdani’s policy direction after his win.  

David Sacks, venture capitalist and president of Craft Ventures, has also spoken out, criticizing Mamdani’s anti-billionaire messaging on social media. He suggested that such rhetoric could spur an exodus of capital and business leaders from the city. 

Billionaire grocer and real estate investor John Catsimatidis has gone further, threatening to halt investment or move his Gristedes supermarket chain out of New York if Mamdani is elected.  

Catsimatidis has warned that Mamdani’s proposals — including city-run stores and higher taxes — would render New York inhospitable to business. 

Jamie Dimon, CEO of JPMorgan Chase, described Mamdani as “more of a Marxist than a socialist” and has urged voters to reject his wealth tax proposals.  

Dimon has appeared at public events denouncing Mamdani’s economic agenda and has warned of negative consequences for New York’s financial ecosystem. 

Real estate leaders are also pushing back. Marc Holliday, CEO of SL Green Realty, hosted a fundraiser for Mamdani’s opponent in an effort to unify elite resistance.  

Kenneth and Maria Fishel, prominent developers, co-hosted anti-Mamdani fundraisers, while investor Jared Epstein helped organize additional events to support alternative candidates. 

While Mamdani has stated that billionaires should not exist, he has also said he looks forward to working with “everyone, including billionaires, to make a city that is fairer.”  

That message has done little to quell the wave of opposition from New York’s business elite. Numerous Wall Street and corporate leaders have funneled money into political action committees and other efforts aimed at derailing Mamdani’s campaign. 

The Post has sought comment from Cuban, Mamdani and the White House.