If you’ve been following U.S. politics even casually, you probably caught the big news: socialist candidates backed by New York City Mayor Zohran Mamdani swept Democratic primaries across New York state. Former NY Attorney General Letitia James expressed her disappointment at the results. This wasn’t just a local story — it signals a significant political shift in one of the world’s biggest tech and business hubs.
But this isn’t a political opinion piece. I’m a Korean developer running a side hustle blog, and my question is purely practical: what does this mean for people like us — tech workers, freelancers, and side hustlers?
The Tax Question: Will Freelancers and Side Hustlers Pay More?
Socialist-leaning politicians have historically pushed for higher taxes on the wealthy and on business income. If you’re a freelance developer billing $150/hour or running a profitable SaaS side project from your apartment in Brooklyn, this could directly affect your bottom line.
New York already has some of the highest state and city income taxes in the country. A further leftward shift could mean:
- Higher state income tax brackets for self-employment and freelance income
- New taxes on digital services or platform-based income (think Substack, Gumroad, or Shopify revenue)
- Stricter enforcement of tax obligations for gig workers and independent contractors
- Potential “wealth taxes” that could affect equity compensation common in tech startups
For side hustlers earning supplemental income through blogs, courses, or apps, this means one thing: tax planning becomes even more critical. If you’re not already working with an accountant who understands freelance tech income, now is the time to start.
AI and Tech Regulation: More Guardrails Coming?
Progressive politicians tend to favor stronger regulation of big tech companies. With socialist candidates gaining power in New York, we might see:
- Stricter AI regulations at the state level — New York could follow the EU’s lead with AI-specific legislation
- Data privacy laws similar to California’s CCPA but potentially more aggressive
- Worker classification battles — pushing to classify more gig workers as employees rather than independent contractors
- Algorithmic transparency requirements for platforms that affect hiring, lending, or housing
If you’re building AI tools or using AI APIs in your side projects, keep an eye on New York state legislation. What starts in New York often influences federal policy discussions.
The NYC Startup Ecosystem: Will Founders Stay or Leave?
This is probably the most debated question in tech Twitter right now. New York City has been booming as a startup hub, rivaling Silicon Valley in many sectors. But higher taxes and more regulation could push some founders and investors to reconsider.
We’ve already seen the “Miami migration” trend. States like Texas, Florida, and even smaller cities in the Southeast have been actively courting tech talent with lower taxes and lighter regulation. A leftward shift in New York could accelerate this trend.
However, it’s not all doom and gloom for the NYC tech scene:
- Talent density — New York still has one of the deepest talent pools in the world
- Network effects — the finance, media, and fashion industries create unique opportunities for tech startups
- Infrastructure investment — socialist policies often mean more public investment in broadband, education, and transit, which can benefit tech workers indirectly
The real question isn’t whether NYC will lose its tech scene — it won’t. It’s whether the composition of that scene will change, with bootstrapped and side-hustle businesses potentially becoming more attractive than VC-funded startups in a higher-tax environment.
Universal Basic Income: Back on the Table?
One policy area where socialist politicians and tech workers sometimes find common ground is Universal Basic Income (UBI). With AI threatening to automate more jobs, UBI discussions are heating up again.
For side hustlers, UBI could be interesting — a guaranteed income floor could make it safer to take risks on new projects, quit a day job to go full-time on a side hustle, or experiment with new business models without the existential fear of failure.
Of course, UBI has to be funded somehow, and that “somehow” usually means higher taxes on exactly the kind of income tech workers and successful side hustlers earn. It’s a complex trade-off worth watching.
A Korean Developer’s Perspective
Coming from South Korea, I find American political shifts fascinating to observe. Korean politics swing very differently — we’ve had our own dramatic political moments (anyone remember the candlelight protests?), but the policy discussions around tech and business tend to be more centralized and industry-focused rather than ideologically driven.
What strikes me about the New York situation is how local politics can have global implications. New York isn’t just a state — it’s a global financial and tech hub. Policy changes there ripple outward. As someone building a side hustle that serves an English-speaking global audience, I’m watching these shifts not because I vote in New York elections, but because they could affect:
- The platforms I use to monetize (if they face new regulations)
- The advertising market (if corporate taxes change, ad budgets might shift)
- The competitive landscape (if NYC-based competitors face different cost structures)
- The overall U.S. economic environment that drives much of global tech spending
My strategy remains the same regardless of who wins elections: build diversified income streams, keep costs low, and stay adaptable. Whether taxes go up or down, whether regulations tighten or loosen, the fundamentals of building a sustainable side hustle don’t change. You need to provide value, reach an audience, and manage your money wisely.
Practical Takeaways for Tech Side Hustlers
Regardless of your political views, here’s what I’d recommend for anyone running a tech side hustle in the current climate:
- Diversify geographically — don’t rely entirely on one market or one state’s regulatory environment
- Stay informed on tax policy — set up Google Alerts for “New York tech tax” and “freelancer tax legislation”
- Structure your business properly — an LLC or S-Corp might offer better tax efficiency depending on your situation
- Build location-independent income — digital products, SaaS, and content businesses work from anywhere
- Network across borders — the global tech community offers opportunities that transcend any single political environment
Political winds shift. Markets adapt. The best side hustlers are the ones who stay focused on building real value while keeping one eye on the landscape around them.