New York City Mayor Zohran Mamdani has announced a significant shift in the city's economic strategy, appointing former Federal Trade Commission (FTC) Chair Lina Khan as Board Chair of the New York City Economic Development Corporation (EDC). Alongside Khan, Anthony Shorris, a McKinsey partner and experienced public servant, will serve as the EDC's new President and CEO.
A New Direction for NYC's Economy
Speaking from the City Hall Rotunda, Mayor Mamdani framed these appointments as a clear realignment of how New York City will approach commercial growth, real estate, and municipal investment. The goal, he stated, is to align corporate expansion across the five boroughs with a progressive focus on cost-of-living relief and economic justice.
“Today's appointees not only share a vision for the future of this office, but a commitment, too, to executing on it. Economic development and economic justice must go hand in hand,” Mamdani emphasized.
Khan's Regulatory Pedigree
Lina Khan gained national prominence during her tenure in the Biden administration, where she led the FTC in launching high-profile federal antitrust lawsuits against major tech companies, including Amazon, Meta, and Google. Her background as a staunch critic of unchecked corporate power is expected to influence the EDC's direction. Khan also previously co-chaired Mayor Mamdani’s mayoral campaign.
The Role of the EDC
The EDC operates as a powerful nonprofit engine for municipal finance and infrastructure within New York City. Its responsibilities include overseeing city-owned real estate, managing major municipal developments, awarding tax incentives, and steering private investment throughout the city.
Addressing her new position, Khan highlighted the agency's potential to deliver concrete benefits for residents. “The EDC has key tools to drive projects that grow our economy, create good jobs, promote entrepreneurship, and make life more affordable for New Yorkers,” she stated.
National Implications
New York City frequently serves as a policy laboratory for urban centers nationwide. The appointment of a high-profile federal regulator like Khan to oversee local development presents a significant test of whether progressive economic regulation can successfully foster city-level economic growth without deterring private investment.