**Greek-American Billionaire Catsimatidis Threatens to Leave New York Over Mamdani’s Policies**
*By Nick Kampouris | November 9, 2025 | Greek Reporter*
Greek-American billionaire John Catsimatidis has threatened to leave New York and relocate his business to Florida following the election of Zohran Mamdani as mayor. Catsimatidis cited the incoming administration’s plans for affordable city-run grocery stores that would sell subsidized essentials to ease the cost-of-living crisis experienced by many New Yorkers.
The Red Apple Group owner, whose estimated net worth stands at $4.8 billion, had initially vowed to move his operations to New Jersey. However, he reversed course after Democrat Mikie Sherrill won the state’s gubernatorial race this week, according to Forbes.
### Who Is Catsimatidis and Why Is He Against Mamdani’s Plans?
Catsimatidis immigrated to New York from Greece as an infant and built his grocery empire from a single Red Apple store opened in 1971. Today, he controls Gristedes and D’Agostino supermarkets, which are among the most popular in New York. His company claims to operate the largest supermarket chain in New York City, with most stores concentrated in Manhattan.
The billionaire has warned of potential job losses and operational downsizing, blaming declining profitability, increased shoplifting, and what he views as hostile city policies for the challenging business environment.
### Mamdani’s Vision for New York
Zohran Mamdani, a 34-year-old democratic socialist and former state assemblyman, won the mayoral race with an overwhelming majority and against all odds. He ran on a platform promising to address food insecurity and high grocery costs through city-operated stores.
His proposals resonate deeply with New Yorkers frustrated by rising living costs and limited access to affordable food in underserved neighborhoods. The mayor-elect plans to establish grocery stores exempt from rent and property taxes, selling goods at wholesale prices. This initiative particularly appeals to working-class residents and families struggling with inflation and high housing costs.
Mamdani’s broader agenda includes increased investment in public services, funded by a 2 percent income tax surcharge on individuals earning over $1 million and corporate tax increases expected to raise $9–10 billion annually. Throughout his campaign and victory speech, Mamdani emphasized solidarity with ordinary New Yorkers facing economic hardship, positioning his administration as a counterweight to the business interests of the billionaire class — which many voters believe have neglected the city’s most vulnerable communities.
### Opposition From Catsimatidis and Other Business Leaders
Catsimatidis has repeatedly criticized Mamdani’s agenda, arguing that city-sponsored, tax-exempt grocery stores would create unfair competition and drive private operators out of business. He told Forbes that the Red Apple Group has operated with no profit margins for two years, citing record levels of shoplifting and declining sales as stores resort to locking up merchandise.
The billionaire suggested Florida as a likely destination for relocation due to its lower tax burden and more favorable business climate under conservative Republican Governor Ron DeSantis.
Other prominent Republican-leaning business figures share Catsimatidis’ concerns. Investor Bill Ackman warned that the departure of high earners could devastate the city’s tax base. The National Grocers Association issued a statement urging officials to enforce antitrust laws and combat monopolistic practices rather than launching government-run stores.
Former President Donald Trump also weighed in, expressing concern that Mamdani intended to “take over” Catsimatidis’ grocery stores, claiming the billionaire had contacted him about the matter, Forbes reported.
### Mamdani Responds
Mamdani has defended his proposals, stating that city-run grocery stores will complement rather than replace private retailers. The Mamdani administration is expected to launch a pilot program for city-run grocery stores in 2026.
Business coalitions may pursue legal challenges or legislative action to block the initiative. Meanwhile, Catsimatidis has not announced a definite timeline for relocation or layoffs.
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**Topics:** Business/Economy; News/Current Events; Politics/Elections; US: New York
**Keywords:** grocery stores, Mamdani, New York City
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*Comments Section Highlights:*
– *nickcarraway:* “Enough threatening! Do you think you’re a Hollywood star threatening the country with your absence if Trump wins? Mamdani won, so just shake the dust from your sandals and move on.”
– *KarlInOhio:* “(I pray that the sleeping giant has finally awakened and been filled with a terrible resolve.)”
– *DoodleBob:* “Gravity’s waiting period is about 9.8 m/s².”
– *nwrep:* “His daughter is hot!”
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**Disclaimer:** Opinions posted are those of the individual posters and do not necessarily represent the opinions of Greek Reporter or its management. All materials posted are protected by applicable copyrights.
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