New York City's Economic Development Corporation (EDC) may be on the verge of a significant shift in its mission, with new president and CEO Anthony Shorris emphasizing "economic justice" and "inclusion" over traditional business growth. This pivot, outlined in a recent speech by Shorris, has fueled concerns that the agency, historically a driver of city prosperity, could become an engine of stagnation under Mayor Zohran Mamdani's administration.
Shorris, a former deputy mayor, joined Mamdani's administration, which has been characterized by a perceived hostility toward the business sector. This sentiment is further underscored by reports of Mamdani's allies plotting smear campaigns against prominent city business leaders. Mayor Mamdani himself previously drew criticism for remarks against Citadel founder Ken Griffin.
In a keynote address at City & State's "Economic and Workforce Development Summit," Shorris referred to EDC board chair Lina Khan, formerly of the Federal Trade Commission, as his "partner in crime." While potentially a jest, his broader remarks suggested an embrace of what critics describe as Mamdani's "socialistic Kool-Aid." Shorris repeatedly invoked "inclusion" and "economic justice" as EDC goals, stating that government should provide public goods to "level the playing field" and restore balance between working people and the wealthy.
He also cited the Marxist concept of a "mass engagement effort" to foster partnerships between the government and citizens. Shorris highlighted the EDC's oversight of five government-funded grocery stores as an example of Mamdani's "culture of innovation and design," promising further initiatives. Critics view these discount food shops, which will cost millions in public funds, as a potentially wasteful endeavor.
Shorris articulated a view that "for too long, economic growth has fueled inequality" and pledged that the EDC's focus would be to ensure this no longer happens. This perspective is at odds with the EDC's past successes, which include revitalizing areas like the South Street Seaport, facilitating major housing developments in Coney Island, and contributing to public spaces like the High Line. Other past EDC projects cited as beneficial include the creation of industrial spaces at the Brooklyn Army Terminal, revitalizing the Hunts Point Produce Market, and improving business climates in neighborhoods such as downtown Jamaica and 125th Street in Harlem.
In contrast to these achievements, Shorris' remarks seemed to favor initiatives like "$7 million of investment in CUNY’s green workforce training infrastructure." He also expressed apprehension about "unbridled growth . . . at the expense of communities or opportunities or equity." This sentiment is questioned by those who point out that real estate projects face numerous regulations, and that the era of unchecked development is long past. The potential for significant housing development, such as the Sunnyside rail yard project in Queens, which could create 12,000 homes, may face new scrutiny under this administration's guiding principles.