Although Miami Dolphins owner Stephen Ross was born in Detroit, his professional identity has long been tied to New York City. He moved there in 1968, founded the globally known Related Companies, built parts of Manhattan, and built his billionaire status in New York. Still, when Ross was asked about the city’s newly elected mayor, Zohran Mamdani, his response was more concerned than optimistic.

“If everybody’s fears come to light [for New York], it could be a lot like what San Francisco went through with that type of government,” Ross said in his recent interview with Bloomberg Television. “And that lasted four years. It did really great damage to San Francisco. Now, they’re fighting their way through it, but you don’t just turn around the city overnight with the kind of damage that’s been done there and how people feel about it.”

Much of Ross’s criticism centers on Mamdani’s policy direction, particularly the mayor’s openly socialist-leaning platform. Mamdani, 34, ran on proposals that include free buses, universal childcare, and higher corporate tax rates, ideas that have resonated with voters but reportedly unsettled parts of the business community. Ross framed his concern through a broader comparison to California’s business climate.

“Doing business in California, there’s so many restrictions, it’s so difficult, there’s so much added costs. Corporations go where businesses can operate and make profits and government has the least amount of interference,” Ross added. “Look at today they’re debating whether there’s going to be a billionaire tax. That’s frightened every person that’s there. That’s what California has become.”

Ross’ argument is part of a broader context. One of Mamdani’s core proposals involves raising taxes on corporations and high-income earners to fund large-scale social programs such as rent freezes, free transit, affordable housing, and universal childcare. He has also backed increasing New York City’s minimum wage to $30 per hour by 2030.

From Ross’s perspective, those policies translate into higher operating costs (both through taxes and labor expenses). This is exactly why he sees potential parallels with cities he believes have struggled under similar approaches. The Dolphins’ owner, in his conversation, later added:

“New York can’t go through good times. Because the ideals that he stands for are not good for business. It’s not good for, really, we’ve never seen it work anywhere. And so why should it work in New York with those type of ideas.”

Whether that assessment proves accurate remains to be seen. But Ross’s comments make it clear that his concern isn’t personal. It’s rooted in what he believes those policies could mean for New York’s long-term business environment. In the meantime, Stephen Ross has also addressed his succession plans now that he’s 85 years old, in his interview with Bloomberg.

Stephen Ross addressed his succession plans

At 85, Stephen Ross controls some of the most valuable sports assets in the country. We’re talking about the Dolphins, Hard Rock Stadium, and the Formula 1 Miami Grand Prix. As of 2024, the Dolphins alone were valued at north of $7.5 billion. And by Ross’ own estimate, the combined value of those holdings approaches $15 billion. Now, during his interview with Bloomberg, Ross made it clear that he already has a succession plan in place. According to him, the succession stays within the family.

“I am going to keep it in the family,” Ross said when asked about his succession plans. “My son-in-law, who I think is involved in sports, had worked for me before he married my daughter. He is terrific, and he will kind of run it, will stay in the family. I don’t think there’s a better asset.”

That transition is already taking shape behind the scenes. Ross’s son-in-law, Daniel Sillman, was part of a six-person group involved in the Dolphins’ recent general manager search, which resulted in the hiring of former Green Bay Packers executive Jon-Eric Sullivan. And now, alongside Sullivan, Ross, team president and CEO Tom Garfinkel, senior vice president Brandon Shore, and Hall of Famers Dan Marino and Troy Aikman, Sillman is helping lead interviews for the Dolphins’ next head coach.

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At just 37, Sillman currently serves as CEO of Relevant and has worked closely with Ross since 2014. While Ross has publicly identified him as the long-term successor, the timing of that transition remains open-ended. For now, the handoff appears gradual, but unmistakably underway.