New York City's drive to rebalance its economic development has taken a significant step forward with the appointments of Lina Khan as chair of the Economic Development Board (EDB) and Tony Shorris as leader of the Economic Development Corporation (EDC). Mayor Zohran Mamdani's vision for a more equitable growth model is set to take shape, as these influential leaders bring their expertise to tackle the city's complex development challenges.
Lina Khan, formerly chair of the Federal Trade Commission under President Biden, has been handpicked by Mayor Mamdani to lead the EDB. Her experience navigating federal regulatory policy will undoubtedly inform her approach to overseeing New York City's economic oversight. Tony Shorris, a veteran of city government with over four decades of service, is returning from a stint at McKinsey & Co to head the EDC. Notably, his reported meeting with Mayor Mamdani in late 2025 suggests a shared enthusiasm for the Mayor's ambitious plans for the city.
The Economic Development Corporation (EDC), as New York City's official economic development agency, plays a pivotal role in shaping the city's landscape. Its vast portfolio includes more than 60 million square feet of property, making it the city's largest landlord. The EDC's capital division oversees approximately 100 active projects, valued at an estimated $6 billion in construction investment. This significant presence on the city's development stage means its board approvals have a profound impact on major projects, including iconic developments like Hudson Yards, the High Line, and the Cornell Tech campus.
These high-profile appointments are particularly noteworthy given the EDC's past criticisms for being perceived as too closely aligned with business interests. Mayor Mamdani's decision to appoint a Deputy Mayor for Economic Justice signals his administration's commitment to transforming the city's economic trajectory. This innovative approach focuses on equitable growth and broader societal impact, rather than solely prioritising commercial gain.
The combined experience of Khan and Shorris is poised to bring about a re-evaluation of public-private partnerships and project prioritisation in New York City. Their appointments underscore Mayor Mamdani's stated values for economic justice and signal a willingness to address the city's long-standing development challenges with fresh perspective and innovative thinking.