Greetings from the soon-to-be Socialist Republic of New York, or rather from a city that has elected a politician determined to confront the curse of affordability.
So why don’t we dispense with the American phobia of “socialism,” and see if Zohran Mamdani’s proposed solutions have any merit.
New York is still a comfortable abode for those in the top 10%, but for just about everyone else it can be a struggle.
And who wants to live in a city without a confident working-class where clubs, dive bars and an affordable social scene are fast disappearing.
Our Mayor-elect put forward 5 solutions to New York’s affordability crisis and received a majority of votes in a huge turnout. I voted for him. Give the man credit - he electrified an apolitical Gen Z!
Mamdani’s first goal is to freeze stabilized rents. He’s hardly unique: Mayor de Blasio did it 3 times. The real question is – for how long? The howls from landlords are intense and warranted: buildings are costly to maintain. One compromise would be to allow landlords to charge capital spending as a tax deductible expense over a two year freeze.
I’m all in favor of Mamdani’s city-owned grocery stores - one in each borough. If nothing else, this will help ascertain if grocery chains are guilty of price gouging, as many New Yorkers suspect.
Every year, despite economic fluctuations, corporate profits outpace Wall Street expectations. Meanwhile, workers’ wages and salaries tend to remain stagnant or below inflation. So let’s follow the money on these city-owned bodegas.
The free and faster MTA buses idea is a no-go for many reasons. The MTA needs every penny of income to keep trains and buses moving. Giving away over $600 million annually is not an option.
45% of those presently riding buses are not paying, so how about placing cameras that can identify free-loaders both on buses and subway platforms. Stiff fines and more paying customers would definitely help the MTA’s finances. (Senior citizens and very low income earners should be exempt from charge.)
Besides, “free” means that buses would likely end up housing the unsheltered and those struggling with mental health problems. And since Gov. Hochul has no interest in financing this quixotic goal, better to drop it and concentrate on the Mayor-Elect’s final two important proposals.
Mr. Mamdani hopes to build 200,000 affordable, rent-stabilized, union-built houses over the next 10 years. This should be possible since Mayor de Blasio came close to achieving the same goal during his tenure. Unfortunately, it will still leave a huge housing shortage.
To compound matters, because of tariffs and inflation, prices of materials have risen appreciably, and the immigrant community that supplies many construction workers is reeling from an unsympathetic federal government and often brutal ICE enforcement. Still, 200,000 houses is a very concrete start and worth achieving.
This leaves the dream of free universal childcare. To survive with any comfort in NYC both spouses must work. But even if a couple makes as much as $150k between them, child-care can cost up to 25K annually. Thus, many young couples are being forced to leave the city for less expensive rents and childcare in exurbia.
I mention “dream” because this proposal would cost so much, but at least, governor and mayor-elect are adamant that something must be done, and the sooner a start is made the better.
Who’s to pay for this? Well, under President Trump’s recent tax bill, the top 1% received disproportionately higher breaks, it’s time for them to give back a little.
Taxes are already high in NYC but that’s the price of living in such a vibrant community. Still, with federal corporate taxes now reduced to 21%, perhaps it’s time for a small corporate surcharge to aid the city that houses Wall Street?
Mamdani’s proposals, though lofty, are humane and intended to make New York an affordable city - not just a playground for the rich.
Affordability will be the key issue in all upcoming elections. So, let’s get beyond the tired scapegoat of “socialism” and deal with fiscal reality.
And for God’s sake, spare us the Islamophobia! Mr. Mamdani is one of a million upstanding people of Islamic faith in our city, none of whom crashed the planes into the Towers on 9/11.
Many remind me of our 19th Century Irish Catholic immigrant forebears, a misunderstood, pious people seeking a new and affordable life in the city of their dreams.
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