As New York City considers the potential election of democratic socialist Zohran Mamdani , Small Business Administrator Kelly Loeffler is warning that the city’s economic foundation is already under strain from inflation, high taxes and regulation.

Loeffler told Fox News Digital that small business owners in New York City fear socialist policies could accelerate population loss and drive even more jobs and investment to red states.

She said New York City’s more than 100,000 small businesses employ nearly 1 million people, making them the powerful pulse of the city's economic heartbeat.

"New York is the capital of capitalism and small businesses," Loeffler said on the sidelines of the United Nations General Assembly, where she addressed the economic downside of progressive politics.

"

See Full Page