Zohran Mamdanis radical socialist vision would bankrupt NYC

Free buses; free child care; free baby baskets for every newborn; a vast expansion of public housing — all paid for, of course, by taxing “the rich,” even as a $30-an-hour minimum wage and a rent freeze for nearly half of city apartments ..

.magically pay for themselves, or something.Democratic Socialist mayoral candidate Zohran Mamdani promises it all and more, with all the authority of a nepo baby who’s never had a real job in his life nor even achieved anything of note in his four years in the state Assembly.Yes, it’s charming how he walks and talks at the same time in his campaign videos; why should viewers care that his numbers don’t remotely add up?It’s fantasy economics, pure and simple — the kind that impoverish whole nations, with Cuba the classic case and Venezuela a handy recent example.Mamdani vows to build hundreds of thousands more public-housing units, doubling the city’s debt limit to cover the costs.

Huh? Too many existing projects are falling apart; the system needs $50 billion-plus in repairs, and the only serious ideas for saving it is to privatize much of the management and sell off unused land and other assets.Of course, city government wouldn’t have to pay directly for a sky-high minimum wage or the rent freeze — but that hardly makes either remotely practical.The true cost of “free” rises every year.Rent-stabilized landlords all across the city are already falling under water thanks to soaring bills that rent incomes don’t cover; small businesses are choking on the existing minimum hourly wage that Mamdani wants to double.And higher-income folks are fleeing New York’s current taxes; the exodus would only accelerate if he got his $10 billion in tax hikes — especially since his policies would make it harder to businesses to make money, too.The fact is, New York City is already heading to a bitter budget reckoning, with outlays rising far faster than revenues even as major cuts in federal (and therefore state) ...