Mamdani and Other People’s Money

In my book “Rage and the Republic,” I discuss the rise of support for socialism in both the U.S. and Europe, including the election of Zohran Mamdani. The new mayor was elected on many of the same socialist mantras, promising to introduce New Yorkers to the “warmth of socialism.” Now elected, he is discovering the problem of, as Margaret Thatcher put it, “running out of other people’s money.” Mamdani has announced that he may have to implement “painful” property tax hikes, including a potential 9.5% increase that would devastate an already struggling economy and accelerate the exodus of high-taxpayers from the state. 

Notably, while Mamdani is suggesting cuts in police and other areas of the budget, he is proposing a $127 billion budget, an increase of $5 billion from last year. His budget would now be larger than those of 47 of 50 states. As noted by the Washington Post, that includes states like Florida with larger populations.

The editors added, “The reality is that Americans may like the idea of ‘free’ stuff — it’s how socialists win elections — but they are less excited about having to pay for it.”

With New York Gov. Kathy Hochul and state lawmakers in Albany balking at increasing taxes, Mamdani is faced with having to actually pay for all of the free stuff that he promised.

When confronted with the fact that the Governor opposes new taxes as the state struggles to keep wealthy citizens from fleeing to Florida, Mamdani responded that it was not important how they paid for the new stuff. The important thing was that they pay for it somehow.

With rent controls, new massive spending programs, and proposed new taxes, Mamdani could be on the brink of causing the greatest exodus since the Red Sea Crossing.