Politico: Democratic socialist’s policy pitches face tough fiscal reality in New York
To fund his vision, the state legislator wants to conjure up $10 billion in new revenue through higher taxes on businesses and wealthy New Yorkers. But beneath the sheen of that populist platform is a morass of necessary state approvals that threaten his plans coming to fruition.
Standing in his way: Democratic Gov. Kathy Hochul, who does not seem keen on raising taxes. The governor, a moderate Democrat, has expressed steadfast opposition to hiking taxes on high-income earners. She will be facing reelection next year too, just as Mamdani would need her blessing to begin accomplishing his goals during his first year in office — adverse conditions that stand to imperil nearly half of the state assemblymember’s $10 billion bonanza.
A POLITICO review of his proposals found Mamdani has likely underestimated the cost of his housing construction and school rehab plans by tens of billions of dollars, making it that much harder for the charismatic, 33-year-old politician to breathe life into them. Additionally, his sales pitch to levy Big Apple corporations significantly downplays their existing tax burden. “He articulates his points very well, and they make sense. You understand exactly what he’s saying,” former Gov. David Paterson said in an interview. “The problem is: Nobody told him there’s no such thing as Santa Claus.” The questions around how Mamdani will fund his sweeping agenda underscore a fundamental question of the mayor’s race: Whether a socialist lawmaker can effectively serve as an executive, a position that demands compromise.
While mayoral candidates often pitch municipal proposals that require the state’s blessing, Mamdani is unique in tying multiple marquee planks of his campaign to the whims of Albany — a political bog that has swallowed more seasoned negotiators than the three-term legislator. The gambit has helped in the short run. Mamdani has roared ahead of a pack of left-leaning hopefuls chasing frontrunner Andrew Cuomo by running a savvy campaign powered by viral social media moments, stage presence and the promise of cash added back into New Yorkers’ pocketbooks.
He’s the chosen candidate of the hyper-online, activist left, but offline — and in Gracie Mansion — the bigger the idea, the less likely a mayor has the power to pull it off alone.
