Mayor Zohran Kwame Mamdani launched a Business Advisory Council on Thursday with 15 leaders spanning finance, real estate, technology, sports, retail, food, and health care, aiming to strengthen the city’s economic strategy. The council will meet quarterly with the Mayor and Deputy Mayor for Economic Justice Julie Su to advise on economic development policy and help shape New York’s competitive edge in key sectors.
The inaugural members include Hamdi Ulukaya, founder and CEO of Chobani; Kruti Patel Goyal, CEO of Etsy; Robert Wolf, former chairman and CEO of UBS Americas; Scott Rechler, chairman and CEO of RXR; Marcus Samuelsson, award-winning chef and restaurateur; and others from banking, health care, venture capital, real estate, and entertainment. Keia Clarke, CEO of the New York Liberty, also joins the council, bringing the perspective of sports and entertainment leadership.
According to the Mayor’s office, New York City reached 4,852,400 jobs as of July 2026, with the city adding nearly 6,000 private sector jobs in the first half of the year—more than double the national growth rate. The unemployment rate has improved for five consecutive months, falling to 5.0% in July. New York City-based companies raised $21.2 billion in venture capital funding year to date, 102% higher than the same period last year.
Background: A Shift in Approach to Business Relations
The Business Advisory Council represents a significant pivot for the Mamdani administration. In early August, the Mayor dismissed the entire advisory board of the Mayor’s Fund to Advance New York City, a nonprofit that channels private donations into city initiatives. The move signaled a departure from the previous structure and reflected broader tension between Mamdani’s democratic socialist platform and parts of the business community skeptical of his economic policies.
Mamdani had promised in late May to create a business advisory council to advise on economic growth, following months of friction with corporate leaders over tax policy and regulatory changes. Some Wall Street executives initially criticized the new council as an attempt to appease business concerns without substantive policy shifts. However, the council’s composition reflects Mamdani’s effort to build relationships with a diverse set of business leaders—including entrepreneurs, health care executives, and smaller business owners—rather than focusing solely on Wall Street finance.
Deputy Mayor Julie Su emphasized the administration’s focus on strengthening sectors where New York has a competitive edge while ensuring that talent developed in the city remains and builds careers locally. The council’s quarterly meetings are expected to provide business leaders with direct access to City Hall while allowing the administration to gather input on infrastructure, talent development, and regulatory priorities across key industries.
Sources
- NYC Mayor’s Office — Official press release announcing the Business Advisory Council formation, member list, economic data as of July 2026, and quotes from Mayor Mamdani and Deputy Mayor Julie Su
- Bloomberg — Reporting on Mamdani’s dismissal of the Mayor’s Fund advisory board in August 2026
- Business Insider — Coverage of council members and their roles, meeting structure (quarterly), and composition across sectors
- Wall Street Journal — Context on business community tensions and the formation of the council
- Fortune — Details on council members including executives from Chobani, Etsy, and RXR
