Socialist NYC mayor hopeful’s $10 billion wish list meets reality

Democratic New York Assemblyman and New York City mayoral hopeful Zohran Mamdani is offering voters a generous menu of government-funded benefits, but how he plans to pay for them remains unclear, according to Politico.

From free buses, free childcare, city-run grocery stores and a $30 minimum wage, Mamdani — who currently trails former Democratic New York Gov. Andrew Cuomo in the Democratic primary — has made a slew of promises to voters. To fund these proposals, Mamdani has called for increasing the state’s corporate tax rate and imposing the city’s high earners a 2% flat tax, but those revenue sources are unlikely to be sufficient or politically viable, Politico reported.

“Together, these approaches would raise $10 billion and would transform this city into one where New Yorkers can afford their rent, can afford public transit, can afford their child care, can afford their groceries — one where New Yorkers can do more than worry each and every hour of each and every day whether or not they can continue living in the wealthiest city in the wealthiest country in the world,” Mamdani, backed by the Democratic Socialists of America, said in April, according to Politico.

However, $10 billion may not come close to covering the cost of Mamdani’s left-wing agenda, according to Politico. For instance, Mamdani’s campaign estimates that his proposed upgrade of 500 schools in the city will cost $3.27 billion, but the actual figure could reach into the tens of billions.

Complicating matters further, many of Mamdani’s proposals would require the approval of the state Legislature and Democratic Gov. Kathy Hochul, who has dismissed the idea of raising income taxes.

“I will cut income taxes instead. That’s how I’m going to keep people here,” said Hochul, who is up for reelection in 2026, according to Politico.

Others, such as former Democratic New York Gov. David Paterson — who led the state between 2008 and 2010 — are skeptical about Mamdani’s ability to deliver on his lofty left-wing promises.

“He articulates his points very well, and they make sense. You understand exactly what he’s saying. The problem is: Nobody told him there’s no such thing as Santa Claus,” Paterson told Politico.

Tax hike opponents warn that additional increases could further accelerate the city’s population decline and undermine its economic base. New York City, already among the most expensive cities in the nation, lost more than 300,000 residents between early 2020 and July 2024, according to The New York Times.

Even if Mamdani succeeds in passing his proposed tax hikes, he would likely still need the governor’s and Legislature’s approval to borrow tens of billions and push to raise the city’s debt limit, Politico noted.

Despite these challenges, Mamdani remains undeterred, and his message appears to be resonating with some New York City voters. An internal Mamdani campaign poll shows the candidate with 27% support, trailing Cuomo at 40%, while all other candidates in the race polled below 10%, PIX11 News reported on Tuesday.

Mamdani’s campaign has focused in large part on combating the Trump administration.

“The Mamdani revenue plan is necessary in order to Trump-proof New York City,” Mamdani campaign spokesperson Andrew Epstein wrote in an email to Politico. “We are confident that Zohran will use his experience in advocating for smart tax policy in Albany — where he won major tax increases on billionaires and corporations in 2021 — to deliver a New York that protects its people from the Trump administration’s attacks on the working class.”

Mamdani is a member of the Democratic Socialists of America and has drawn criticism for his anti-Israel positions. For instance, Mamdani has refused to say whether Israel has the right to exist as a Jewish state, openly supports the anti-Israel boycott, divest and sanction movement and stated he would arrest Israeli Prime Minister Benjamin Netanyahu if he ever set foot in the city.

If Mamdani wins the Democratic primary in June, he will face off against incumbent Mayor Eric Adams, now running as an independent, in the general election.

Mamdani did not respond to the Daily Caller News Foundation’s request for comment.

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