NEW YORK — Wall Street braced for change with the election of Democratic Socialist Zohran Mamdani as New York City mayor on Tuesday, a win set to reverberate through the heart of global capitalism, with financiers worrying the city’s competitiveness and business appeal could suffer.

Decisive Democratic victories in Virginia, New Jersey and the passage of a California redistricting measure also signal Democrats could win back the U.S. House of Representatives in next year’s mid-term elections, investors and analysts said.

Mamdani’s win “will be an interesting experiment and we’ll see how much he tries to really change New York City,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. Looking collectively at the New York City, New Jersey and Virginia elections,

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