NYC is poised to elect a Zohran Mamdani, socialist madman. Here’s what to expect. 
Greatest Comeback Surprise in History
A week ago, Polymarket betting odd were over 80 percent for former NY governor Andrew Cuomo and under 10 percent for Mamdani. On May 27, Cuomo was over 90 percent.
But Mamdani won the primary and the only thing that may stop him is a victory for the independent (and current mayor) Eric Adams who is involved in a big tax scandal.
Who Is Zohran Mamdani?
- Mamdani was born in Kampala, Uganda, to Indian parents and became an American citizen in 2018.
- He lived with his family briefly in Cape Town, South Africa, before moving to New York City when he was 7.
- Mamdani married Rama Duwaji, a Syrian American artist, earlier this year. The couple, who met on the dating app Hinge, live in the Astoria section of Queens.
- He graduated in 2014 from Bowdoin College in Maine, where he earned a degree in Africana studies and cofounded his college’s Students for Justice in Palestine chapter.
What Policies Does Mamdani Support?
- A mandatory freeze on 43% of the city’s rental units.
- Free bus services
- Free child care
- Opening government-operated grocery stores
- Increasing taxes on those making more than $1 million a year
- Higher taxes on already overtaxed businesses and high earners. The current top city tax rate is a whopping 14.78%.
- Investing $70 billion in publicly subsidized housing
- He has proposed legislation banning nonprofits from “engaging in unauthorized support of Israeli settlement activity.”
- Speaking on “The Bulwark”, Mamdani defended the phrase “globalize the intifada,” which has been used by pro-Palestinian protesters and seen by many as a call for violence against Jews, telling the hosts that the phrase was often misunderstood.
- Universal healthcare
- Ban all guns
- Ending cash bail
- Repeal felony bump-up statutes
- Defund the police
Anyone who thinks the government knows how to operate grocery stores and cities need to defund the police is a certified nutcase.
And we all know that someone has to pay for “free” stuff. If you live in NYC, that means you.
He is going to take your money so that others can have “free” bus rides and child care.
The grocery stores will be guaranteed money losers so you will pay for those too.
Panic on Wall Street
The Wall Street Journal comment
“I can’t believe I even need to say this, but socialism doesn’t work,” said Anthony Pompliano, CEO of Professional Capital Management, a bitcoin-focused financial services company. “It has failed in every American city it was tried.”
There were renewed questions about whether Wall Street executives would stay in New York or if Mamdani’s plans for the city would send more financiers to states such as Florida and Texas. Some executives cited concerns about taxes and crime under a potential Mamdani administration as well as fears of rising antisemitism.
Sander Gerber, chief executive of investment firm Hudson Bay Capital, said he fielded texts from some of his 170 employees who said they were “thinking of leaving.”
Some developers and landlords said they are already making plans to exit New York and focus on more business-friendly markets like Miami, Dallas or Nashville.
“I’m depressed and sad,” said Ricky Sandler, who runs Eminence Capital, a Midtown Manhattan hedge fund, which employs 55 people. “If Mamdani becomes mayor, I will likely move my business and family out of New York.”
Beat the Rush
The 2025 New York City mayoral election will be held on November 4, 2025.
Leave New York City now. Just do it because hell is on the way.
Let the fools who remain pay for their “free” stuff with no police to protect anything.
Meanwhile, I suggest we start by removing all of the police from district 14 where AOC lives.
Rent Control History
Brookings asks What does Economic Evidence Tell Us About the Effects of Rent Control?
Under pressure to fight rising rents, state lawmakers in Illinois, Oregon, and California are considering repealing laws that limit cities’ abilities to pass or expand rent control. While rules and regulations of rent control vary from place to place, most rent control consists of caps on price increases within the duration of a tenancy, and sometimes beyond the duration of a tenancy, as well as restrictions on eviction.
While rent control appears to help current tenants in the short run, in the long run it decreases affordability, fuels gentrification, and creates negative spillovers on the surrounding neighborhood.
I played that several times and this is what I come up with “I am about to announce you can’t raise it more than 55 dollars.”
Massive applause.
Related Posts
March 5, 2019: Perverse Logic of Rent Control
Rent control and housing shortages go hand in hand. Why build if the government gets to set prices for you?
April 2, 2021: Despite History of Failure, Destructive Rent Control is Poised to Hit Illinois
Rent control results in a couple of standard options by landlords, neither good. Landlords convert the building to condos reducing the supply of apartments or they stop maintenance and say to hell with it.
Jul 7, 2024: Biden Seeks Supreme Court Term Limits, Medical Debt Cancellation, Rent Controls
Whoever is behind Biden’s campaign has gone completely mad.
Leave now. Selling a home will be much harder a year from now.
8+ million population this guy gets 800,000 votes and he is the NEW KING. Next I assume nobody cares enough to vote.
Unfortunately, that’s the way these primaries work. Less than 10% turnout is the norm in most cities. Any group that can organize is going to win. That’s how AOC beat a long time incumbent. Losing 25000 Amazon jobs did not damage her politically as she wins reelection in her district.
New York deserves everything this guy gives them good and hard. If you import half the third world into your country, what do you expect?
Mamdani is just a reflection of majority of Dems NY voters. We should ask what went wrong with them because they are the reason for selecting Mamdani to lead Dems in these elections. Do these voters believe that American dream doesn’t work for them? If yes we should ask why it doesn’t work. Or why is life in NY so ridiculously expensive that they can’t live normal life. Or maybe that they do not fit in American dream or they do not want it.
Plissken. Snake Plissken.
I asked AI how the idea of Creative Destruction could be applied to the mayor’s race in New York. If Mamdani wins in November, maybe New Yorkers need to have a socialist/communist run their city to see how their lives “improve” when those “solutions” are implemented in real life as opposed to just rhetoric. The most insane thing about what I read from Mish’s article is that Mamdani wants to:
Ban all guns and defund the police simultaneously.
And people actually voted for this. This could result in what AI refers to as a “shock learning event.”
————————————————————————–
Creative Destruction in Politics: A Framework
In political terms, creative destruction might involve the election of a radical figure or movement that promises sweeping reforms. If their ideas fail in practice, this often:
• Discredits the ideology
• Pushes the public back toward more balanced or traditional governance
• Forces the system to evolve by rejecting failed ideas
In this case, if a socialist or communist candidate wins in NYC and implements extreme policies that lead to dysfunction, crime, economic flight, or loss of services, the public may experience:
• A “shock learning event”
• A shift in perception: “Oh, this sounded good in theory but doesn’t work in practice.”
• Political backlash or realignment in future elections
This is the “destruction” part of the cycle—old beliefs tested and possibly dismantled.
– In this case, if a socialist or communist candidate wins in NYC > Isn’t that the Only Winner in NYC? Last I checked anyway…
– implements extreme policies that lead to dysfunction, crime, economic flight, or loss of services, > More of the same in other words. “Rinse;Repeat” is there motto isn’t it?
– the public may experience: > We have been last I checked…
– Political backlash or realignment in future elections > We have ALL been awaiting this, but it just doesn’t seem to occur??
Why not let an AI run the city? This is the future!
Government run by AI might be the future. In various ways I’ve lost confidence in the human race, the wars, the crime, the corruption at the highest levels (Deep State), etc. I don’t mean to sound dramatic but when observing how the left thinks and what they do it makes me wonder if AI could be something that over time will save humans from themselves.
I read part of Mamdani’s website. Communists can always frame issues such as government-run grocery stores to sound so plausible. The stores will not need to pay taxes or rent, they could buy groceries wholesale and sell them to the public at a much lower cost. Rent control, etc. all of it sounds like a lifeline to people who are financially desperate. Of course the other grocery stores might have to leave due to the competition from wholesale prices at the government-run stores.
That is what they do historically, promise everything but are rarely if ever able to deliver what they promise, because it runs contrary to human nature. Take away the incentives to build a business and profit from it and have the potential to become wealthy and suddenly their plans fall apart, they run out of money to pay for all their ideas because the tax base becomes smaller and smaller.
If he wins in November, the people who understand this might continue the exodus to conservative run states and leave the others behind to learn from their mistakes. President Trump’s ideas – reshoring, reindustrialization are the only way in my opinion to fix this economy, not the Communist/Socialist ideas that never work well when put into practice.
generally, the people involved are too dumb to perceive any adverse effect on their lives or ascribe any cause.
This is all it takes to get “shy” pro status quo frauds like Mish to show their true colors!
Jealous or ignorant? You pick. Opposing your view and you call him a fraud??? Problem with many in society today, weak and intolerant. Particularly those who call themselves tolerant. I call BS.
Clueless or fraud? You pick.
Tolerant is one Inclined to tolerate the beliefs or behavior of others. So let’s take a quick look:
1. Illegal Immigration – The belief of roughly 80% of American Citizens is “NO” so that would leave the remaining 20% intolerant of that belief.
2. Free Healthcare for Illegal Immigrants – The belief of roughly 80% of American Citizens is “NO” so that would leave the remaining 20% intolerant of that belief.
3. Free Housing for illegal Immigrants – The belief of roughly 80% of American Citizens is “NO” so that would leave the remaining 20% intolerant of that belief.
I could add another 50 with little effort, and they all have a similar outcome. We are at an 80% / 20% Split right now, Politically in America imo. Most issues you can see a vast difference with, end up basically being 80% Approving and 20% Disapproving.
Those are you “Key Driving” issues, as in driving the momentum, and desire of who agrees or disagrees. So from above examples, illegal immigration is a perfect example of this. So roughy 80% of the electorate Oppose it, and 20% Adore it.
Now we look at some polls and we find that Democrats, who overwhelmingly Adore this, collect a roughly 20% Approval Rating, while Republicans who Oppose this collect a roughly 80% Approval Rating. Yep, that matches up with the Voting Public on the whole, and their overall sentiment towards those issues mentioned, and countless others.
Ahhh, silly histrionics here. NYC will remain a global economic powerhouse and life will go on, even as Salt Lake City quietly dries up and blows away under the Utah sun.
Except Salt Lake City real estate will continue to appreciately nicely, and far greater than NYC real estate.
Personally I think it is a good idea to try something new, with someone new in NYC. The city has become a festering shit hole. He’s correct the cops are a disgrace, bigoted, overly aggressive and fat. They need to be slimmed down.
Rents are too high. Personally I am not a fan of rent controls and certainly not in the long run. However they might be the difference between people leaving and staying, for the short run. I suspect that people who leave rarely come back.
Gun control? Banning stuff you don’t like is rarely an effective strategy.
Government run food stores is a great idea.
Will the New York Stock Exchange be converted into a homeless shelter?
It should be. All stock trading is now online anyway!
It’s too late. NYC has been circling the drain for years. The moron running for mayor is just the latest in a congo line of fools and idiots determined to bukkake his version of stupidity over the rest of the city residents. Apparently there are enough brain dead rubes willing to vote for him.
Shocking.
I was in NYC this spring and it was as huge, vibrant, wealthy, over the top and amazing as I’ve ever seen it… And I’ve been visiting since the 1970s. There’s nothing else like it.
I agree with you for once.
California is beautiful, it’s parks are amazing and it’s beaches and wealth are impressive. It’s also run by morons. Feel better?
And expensive!
I had lunch with a friend on Friday at a deli. Two sandwiches, side of fries and a bit of lettuce came on the plates. Didn’t even get pickles! $60 w/tip. Whew…
Sorry Realityczech but that ain’t reality. There is a nice one bedroom apartment for rent in my building in downtown Manhattan for $7500/month. It will rent. Why? Because people want to live here. NYC is the center of everything. And for all the FOX viewers being told that NYC is a dangerous cesspool, that’s not the case. Check the official NYC police stats. It’s a very safe city.
Ok. So in Moscow in 1984 spent some time with a family, the guy managed several grocery stores. Supermarkets literally had empty aisles with a few items scattered here or there. The grocery stores had a lot of produce. But the brilliant thing about managing grocery stores ( Soviet Union, state owned) was that they were a conduit for black market. It was like having assets which could be leveraged. We dined out once at a fancy restaurant (as far as that went in its dilapidated state), they did not want to let Boris in, but he had a WWII Red Army pin on the back of his lapel, guy had a five o’clock shadow 24/7, and suddenly we were in. Fish in the fountain of an old palace, you could ask the waiter to catch the one you liked and they would prepare it. So NYC can look forward to thriving black market, which would work, or rotting fruits and vegetables because its all monitored, which is what would probably happen.
NYC evolving closer to beloved ‘Gotham’ potential; Batmans flying out of every roost in dead of nite.
Stop getting crazy! This is just the Dem primary.
The current corrupt Mayor will be running as an independent and the Pubs will be fielding someone, so the vote for this Democratic Socialist will be diluted.
With a democrat governor and legislature, it is going to be tough for all in both the state and city of New York. The rest of the country can benefit by New York losing population assuming the walk-a-ways wouldn’t be mostly socialists themselves.
Dummies have been betting against NYC since prehistory, all proven wrong so far.
NYC is becoming increasingly irrelevant, most of the modern wealth creation is technology driven and that is definitely not a NYC thing. The financial sector has been moving back office work to other areas like Salt Lake City, and even some Front office work at hedge funds and trading firms has been moving to places like Florida.
I’d argue the Bay Area is far more relevant.
Dropping this here. This is why socialists will start getting elected.
https://www.theguardian.com/news/2025/jun/26/billionaires-wealth-oxfam-report
All of that “wealth” is an illusion. Sure a billionaire can buy up 1000 houses but if they are left empty, eventually squatters move in whether human, animal or microbial.
But I agree, socialists are taking over the world. Baba Vanga predicted socialism would engulf the world.
https://www.news18.com/viral/baba-vanga-prediction-communists-will-make-a-comeback-and-rule-the-world-in-next-50-years-ws-ab-9251356.html
No one needs or should have more than $2B. Even two billion is probably too much, the money equals power, this is a growing issue in America. There are about 800 billionaires in the US, they better hope the other 300,030,000 of us don’t get the idea we actually have much more collective power than they do and start to use it.
They should be limited to $1 billion in wealth. If they whine that it will “demotivate” them and they would then no longer be able to work, we should throw a simple retirement party for them and present them a plastic wristwatch as gift!
Why allow $1B? I think anything over $1,000 should be confiscated. Now I think about it, anything you have should be forfeited.
You want to lower it to a full $1000 for those scumbags? Why even $1000? Why not $0?
You’re welcome!
Mandani, a Muslim Bros candidate, supported by Turkey and Qatar, might get Satmar
and Hasidic Jews, who hate Israel and get gov support. NYC is a third world city.
Nobody thinks like this except racist creeps
You forgot to mention that Mamdani is on record saying he would arrest Benjamin Netanyahu if he had business in NYC.
That is a high stakes showdown with Trump I would love to see.
Great, found another man child who is confused on what a mayor does.
I got out in 2006. The handwriting was on the wall already by then, but as Adam Smith wrote: “There is a lot of ruin in a nation.”
The biggest economic challenge in NYC and the rest of the country is the lack of affordable housing, child care, and health care. The affordability crisis is real. Mamdani’s offering solutions where others aren’t, including Trump. In fact, not only does Trump have nothing, but is making it worse. The Republican majority is on the cusp of squandering literally trillions of dollars in transfers to the wealthy that we desperately need to address and pay for affordability interventions. Whether it’s spending or progressive tax increases, Albany has to be in. I don’t see that. Does it hurt the progressive cause to raise hopes and then not be able to deliver or, assuming you fought your ass off but lost, does it instead show clearly where the blockages are? I think more the latter.
Remember way back when, housing and health care were affordable, and ‘child care’, besides mom, was grandma (or somebody’s grandma in the neighborhood) reading to the kids, making lunch and bringing them to the park, until they were about 8, when they could do those things themselves?
What happened?
Ah yes, those good old days when a loaf of bread was 10 cents!
WW2 happened, mom’s had to go to work, and today memaw is working till death stops her. It’s the economy it takes two average workers per household to make it in the US economy after WW2.
Women generally worked before WWII, but when they werent in the garment and service industries they were often on the family farm (in spite of that labor and child-rearing they didn’t count as “working” adults).
The 1950s (or post-WWII) stereotype housewife was either drinking or on something due to boredom and that sparked the Valium craze in the 1960s.
He is NOT offering “solutions”. He is making proposals. They would still have to be approved by the city council, implemented and presumably, some way to pay for them would have to be defined.
OPM. Other people’s money. Not a solution.
Are you auto-esphyxiating yourself with the venezuelan flag and a photo of Chavez?
Have always been for a safety net. But what happened to getting an education, working with hands/craftsman, having a trade, or fill in the blank. Ahhhh…taking responsibility. Entitled or folks who never come off the tite of government with never make a dent in improving society, they just sponge off others. And don’t get me started, as a californian (lower case C) I see what bad government does with its tax dollars, 80% of the bureaucrats, government workers are there just to make a buck, not make a difference. Came to CA 46yrs ago, was a thriving state. Not much after started in downward spiral. Now just an overregulated, incompetent and greedy in it for myself mentality State. Corruption is rampant here in CA and in DC. Why would I want to support taking more money from the productive when bureaucrats have no motivation or incentive to make others lives better while using OUR tax dollars like its their own, no accountability. I am sure if tax dollars were put to better use maybe folks like myself would be willing to throw in a few extra bucks. Localize its use for the betterment of the community and accountability. For now I will continue to support the local foodbank and churches who both do more than I have EVER seen from our state and federal bureaucracies while still paying my fair share to the corrupt and useless bureaucrats as I have for the last 48yrs of my working life. As I see it the system will eventually crash and folks like you will come to understand that your neighbors and community will be there not Mr/Mrs government.
All these things apparently went out of fashion, along with line breaks.
Let me add that I think there are so many government bureaucracies and departments to confuse and keep us from questioning the spending, ie. where our tax dollars are going. Too complicated for you or them to understand. Simplify maybe then we might get somewhere. Money, power and control, that is what is all about. The weakest of the weak like it that way. Makes them feel important.
Mamdani is proposing to address actual problems that impact the majorities everyday life. The Republicans are addressing imaginary problems like DEI and trans people issues that affect a very small portion of the population and most people think it’s none of the governments business anyway. Conservatives used to want the government out of our private business, now they’re all up in it.
lol, grocery stores by the same people who run the VA and DMV.
Theses stores will have the Highest theft rate in history! Because the management and employees will be walking off with half of the merchandise and selling or giving it away.
On the other hand Trump will be refusing to tax the mega corporations that got him elected. Excepting the targeted tariffs of course.
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Because you’re making us deny reality and pretend that the 6’2 man in a dress is actually a woman.
You don’t have to pretend anything. To tell the truth I’ve never met a trans person that I know of but my guess is they simply want to be left alone.
Not gay. like women, you should wish all other men were gay then your ugly ass could have a choice rather than what you got stuck with. I don’t mean you appearance, I mean the ugly inside.
86/47
Before I got college edumacated in CA (Applied Mathematics, CS), I was a MD boy who’s high school would have kids who were not making the grade (and system tried) would be sent to vocational school. Those kids had opportunity as much as us in traditional classrooms, just different paths. No longer. Education systems have been made useless by progressives. Still have friends and family in MD, and not to insult them, but that state (from which Pelosi came) lost every bit of its identity, like california. California use to lean right and same with MD but the progressive politics has ruined whatever good there was. Until the progressives learn to understand personal responsibility and hard work are the path to success the will continue to be failed states. Complain all you want to about rich folks and not getting your fair share but if this boy who came from nothing can do it and succeed then belief me almost anyone else can do the same. Starting at 15 worked bussing tables, dishwasher and dock worker through college. Never complained and didn’t waste energy on things I couldn’t control.
Good timing. Check out progressive politics in MD, my childhood state gone mad, liars and thieves, all of them… your tax dollars hard at work in MD to obscure the truth. This is what is waiting for those who know no better. The facts come from the liberal Baltimore Sun newspaper.
https://www.zerohedge.com/political/baltimore-reporter-probes-left-wing-ngo-propaganda-machine-flooding-local-airwaves
Take a look of videos and images of Bronx in the 80’s, reminds me of that
“He graduated in 2014 from Bowdoin College in Maine, where he earned a degree in Africana studies and cofounded his college’s Students for Justice in Palestine chapter”
That’s all it takes to come from nowhere to best Andrew in a popularity contest these days? My how the Cuomo brand has fallen!
This is what Ezra Klein said about Cuomo:
“Cuomo’s claim to be the best suited to manage New York City’s government is undermined by how many people in or around that government loathe him. Andy Byford, a former head of the M.T.A. whom Trump recently picked to lead the redevelopment of Penn Station, said Cuomo made his job “intolerable.” Gov. Kathy Hochul called Cuomo’s conduct as governor “repulsive and unlawful.” Bill de Blasio, a former New York City mayor, called him “a bully” who is “obsessed with revenge.” Cuomo’s whole pitch is that he’s got the experience and the relationships to get things done. For that to be true, he’d need to repair many of those relationships and reach out to the voters and officials he so deeply alienated during his governorship. But there’s little evidence of that in the campaign he’s run. (It’s notable that Lander cross-endorsed with Mamdani, a relative newcomer to New York City politics, rather than Cuomo.)
Coumo, se va
Woman do most of the voting and they were all upset by Cuomo’s numerous sexual assault (groping) accusations.
This story gives different reasons. Regardless, it looks like Mario’s boy won’t take a primary ‘no’ for an answer and he will be back in Nov.
https://ny1.com/nyc/all-boroughs/politics/2025/06/25/election-data-show-mamdani-drew-a-surge-of-young-voters-nyc-mayor-s-race-turnout
Adams is running as an Independent. So what party will Cuomo run under?
If nothing else, he will suck up some votes on the Dem side but will they be from Adams or Mamdani?
Where is Bill the Butcher when you need him?
Maybe the powers that be should try to be a little less greedy and find someone other than that scumbag cuomo. They are getting what they deserve
A born brooklynite, I left NYC for good in 1973 when i was 19. Haven’t even visited in over 47 yrs. Call me clairvoyant. Mamdani could end up in the White House if not for his birth certificate. His trajectory sounds like Obama’s, even the name has the same ring. I left the USA some 13 years after dumping the rotten, rat-filled big apple. Both are broke and in irreversible decline. If the pols only listened to Mish and Mises…..
He rocked the white 20-something vote.
This is what happens when liberal arts universities teach socialism instead of reality.
I can’t help but ask how many Jewish voters voted for him. I’d like to think it’s a minority … but I am not at all sure of that.
“It ain’t over until the fat lady sings” The current Mayor, Eric Adams , for all his problems, will now be reconsidered as electable again. Zohran might end up being just another shocking news bite that fizzles out by Voting Day?
Maybe but … when I see the absolute nut-cases on Twitter I console myself with, “These are the fringe nut-cases.” Well, enough fringe nut cases to continue electing AOC and the Squad was problematic … now enough to carry this dude … maybe fringe ain’t so fringe anymore. To vote for this guy, you need to be anti-semitic AND economically illiterate. A total lack of understanding of human nature helps as well.
Anti-semitic and economically illiterate – Sounds exactly like traits of the MAGA who voted for Trump, disillusioned by Trumpism now, and leaving MAGA camp – swinging for another hopeless extreme. The more things change, the more they remain the same. Sometimes it seems like Elon is quietly working behind the scenes on a revenge election.
So you think socialism is workable and anyone who disagrees is economically illiterate. OK, remind me never to ask you for budgeting advice.
The downside are all the New Yawkahs moving to other areas spreding their toxicity like a burst appendix.
So I get that this guy harnessed the antisemitic vote and the votes of economically illiterate people who have no understanding of human behavior … but to win that primary … he almost had to get some Jewish votes. What the he–? Do these people hate their heritage? He promised to arrest Benjamin Netanyahu (sp?) if he ever set foot in NYC (not sure how to arrest him w/out police, but I digress).
If I thought that this would only affect NYC … I would chuckle … but you know as soon as there is a D at 1600 … NYC will go hat in hand. It will be in horrible shape … and we will all get to subsidize it so that it can continue to be a virtue signaling money loser every day.
Two types of jews. Those that are zionists and those that hate White people. There is overlap between the groups.
Actually the lower classes voted for Cuomo. It was the $100k+ that elected Mambani. Read this https://dailyreckoning.com/karl-marx-moving-into-gracie-mansion/
As a libertarian/austrian leaning person … that article was excellent. I wish this was the fringe … but the fringe is taking lots of new territory. The most important part of that article is when he said what Jordan Peterson often says of Social Justice Warriors … it’s all the credit with none of the cost or sacrifice. Just say you support the insanity … and you’re automatically a good guy. Hey the ESG folks love BlackRock and VanGuard and Lord knows they’ve rocked the poor out of the housing market.
How can the rich and the free stuff regime possibly coexist? Who will they steal from? But, I guess there are elites in Venezuela and Cuba, right? Certainly in North Korea.
That’s a good question. If the rich (who likely have good tax attornies) were instrumental in bringing him in … not sure who they think is going to provide all this “free stuff”. Yes, NYC has some billionaires … but money and people go where they are best appreciated (or least hated). He is creating an angry “oppressed” class. “Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy.” Winston Churchill. So if those wealthy who voted for him happen to drive Teslas or Lexus et al … they might begin to be seen as the bad guys. The billionaires who are too entrenched will likely do what they do in 3rd world countries where the top rate is 80 to 90% … they will find it easier (and cheaper) to purchase policians than to pay their taxes. Which will work well for Z and his posse.
An old famous Greek writer (Kazantzakis) was a “pure communist”, meaning he did not believe in taking other people’s money. He believed in societies starting from scratch and being independent and collaborative (kind of like the Amish).
But he was anti-socialism, as it was perceived in the then West. And he said “socialism is intellectual psoriasis”.
One need do no more then view 100% of the communist regimes that planet Earth has seen to see how heinous a system it is. It’s author, Karl Marx, said that socialism was simply a stage on the way to communism. In most cases this is proven true, but in their defense, the Western European nations that dabbled in socialism and crashed their economies.. have moved away from socialism. They still have a heavy tax rate and heavy government regulation but they have backed off of the socialism that was destroying them. Most of them are not exactly thriving at this point but such is life
NYC orthodox rabbis have been protesting Netanyahu’s war crimes. It doesn’t get more obvious than that.
Cite?
Believe me, the kind of totally confiscatory state envisioned here would NEVER be “w/out police.” To the contrary. To pull off all this free stuff (from the hands of its owners), they would have to make Trump’s ICE look like kittens.
Yes, the good news is the bread and circuses that the press will help him put on will make the low info economically illiterate forget about their hatred of police as they see that the police are needed to confiscate and extort to pay for all the free stuff. Good luck finding an apartment in NYC once the controls go in. No new construction will go into rentals and many rentals will be sold (some of that just so that the “evil landlords” are not looked at as evil anymore … and by lightening their portfolio, exodus becomes that much easier.
The exodus from New York City will make things more affordable
And make places where they move to more expensive and more communist.
Only the capitalists move. A crash in property prices would help the socialists. Socialists and capitalists like to create their own microeconomies but both are failing systems for different reasons.
Unfortunately after the capitalists move what’s left is a bunch of people who don’t start businesses or create wealth of any kind. You just have the leeches left. This is what happened to places like Detroit.
That is actually not true. New York will start attracting more immigrants who start the lions share of small businesses. Capitalists make everything expensive for everyone. I really thought years ago the whole foods founder had rhe right idea when the board there passed a measure saying the CEO couldn’t make more than 12 times the lowest paid employee. Profits have to be distributed more equitably otherwise capitalism just fails enough to cause socialism to even be considered.
If that law ever gets passed, I want to become a janitor for an NBA team. Top paid players make $50M. So for pushing a broom, I get over $4M/year. I will take it!!!!
But it would work the opposite way top salary would be based on 12 times lowest pay. To make 50M the janitor would have to make 4,166,166. Seems fair.
Nobody is going to cut LeBron James’ salary … they are going to find ways to work around it. Many 3rd world countries have absurdly high taxes and the wealthy get around it (usually buying off politicians). That’s why all the tyrannical control over the free market by the anti-capitalists (who have no problem with the genocide and tyranny that their policies create) never help anyone but themselves and their cronies. Welcome to Venezuela.
People that make 1 million plus pay 41% of the total personal income tax paid to NYS.
I thank them, people that have $2B net worth should have anything more confiscated.
Good. Let the fools reap what they sow.
Oy vey!
That only works until a D takes over 1600 and NY goes hat in hand so that we all get to pay for the insanity.
Now you’re scaring me.
“The current top city tax rate is a whopping 14.78%.”
That’s actually city & state combined; not that I’m defending it. Combined with the top federal bracket, 37%, you’d be paying ~51%; more than half your income.
Anyone who pays more than 50% of their income in taxes is a slave.
The only reason he might be elected is because capitalism failed so badly in leaving too many people behind.
Exactly…
but not as many as socialism and communism…….And probably less death too.
WAAYYYY less death. 20th century saw Marxism’s genocide of over 100 million. Hard to get real numbers from Bernie’s favorite hot spots (Venezuela, N. Korea, Cuba) … but at a minimum … they show that Socialism is the best diet plan ever created.
Hasn’t been tried in the US yet.
You mean the kind of crony capitalism where the government picks winners and losers? Where failed business practices are shielded from consequences with bailouts? Where competition is strangled by regulations meant to restrict entry to certain industries? Where the saying “at the table or on the menu” is the rule-of-thumb? Where there is no such thing as a “tax loophole” because every carve-out is bought and paid for, while the politicians bankrupt the country with endless debt and deficit spending?
That’s the “capitalism” we have in the USA.
Exactly, real capitalism doesn’t exist, the government has interfered with the free market for decades.
A degree in African Studies from Bowdoin. Sounds like a serious scholar.
No math was required.
And only a 1 credit Pass/Fail course on Keynesian economics … so absolute economic illiteracy guaranteed.
This is what happens when the Fed & Gov print money to bail out the rich & cut taxes on the rich, debase currencies, politicians grifting using insider trading, management using share buybacks to enrich themselves, create policies that cause extreme inequality. When the sheeple can’t afford homes, are in extreme debt, food prices skyrocketing all while the rich get richer. For every action there is an equal & opposite reaction.
You forgot offshoring.
Free, free Palestine. It’s all good!
Palestine is a bombed and roasted rubble field. Death, starvation and destruction everywhere. Left behind. Gaza specifically, has experienced modern genocide.
The victors will write the history?
Or, will the word get together and Stop Israel from its Aggression?
Popcorn please?
Far from sure he will win but the ranked-choice voting system voted in 2019 for mayor makes it much easier for candidates like him to win.
I like the ranked-choice idea as new parties now stand a chance … but this a great example of the down-side of it.
He’s a genuine reflection of the Democrat base. They think it’s the government’s responsibility to feed, clothe and house all the people and the only obstacle to that is a tiny cabal of evil billionaires. For educational purposes we need to implement his program in NYC now – all of it without exception.
I always appreciate your insights. Perhaps you’ve explained this before (I’m a newish reader) but how do you propose tackling the affordability and housing crises in this nation?
As a person involved in real estate (bought numerous rentals in my 35 year IT career) … this is a challenging problem. A few background points:
So my thoughts on what TO DO
I won’t touch on fed policy as that is a complex beast and some folks temp goes up 8 points as soon as it is mentioned.
is it possible that Nassau and Suffolk Counties become the oases pack-n-move NYC residents? Oh, wait a minute: maybe not with the buck-toothed State gubberment in its current condition
Become?Thats what a lot of white familes started doing 40 years ago.
And now its an over crowded over taxed traffic nightmare
The empire is fleeting.
Before?
I worry about these lunatics gaining power, but at the same time they make Trump look reasonable and measured. Given that their outcomes will be a dumpster fire cautionary tale I should be pleased. The best argument against fascism and communism are the outcomes from communism and fascism. On the other hand Argentina did fascism for decades before they finally learned.
Evidently, Argentina has not learned.
They did boot the Peron’s. That seems like evidence of learning
But they kept electing those who declared themselves heirs of Peron’s or acted in similar populist ways.
Argentina, like Russia, should be rich, but due to bad governance, is perennially poor.
it’s ridiculous that NYC can field only the gaggle of pathetic candidates that it did. on the Republican side it’s Curtis Sliwa??
by far the only one who isn’t a dingbat is Cuomo, and he’s far from perfect
I mean if you take away the corruption, the sexual assault stuff, and all the people he killed by spreading covid around nursing homes he’d kind of awesome.
Not to mention shutting down Indian Point.
Well, the nursing home thing was cost cutting.
Yes, majority of long term nursing home residents were Medicaid (which doesn’t pay homes as much and takes fed AND NYS money). Cuomo offing them by the thousands was definitely cost cutting.
Hold on just a second. He doesn’t need to do much, because most of these things are already in place in NYC. If he just increase some of these by a little bit, he’ll be called a hero by his supporters.
I like to bag on NYC as much as the next guy but some of the reaction seems over the top at least for now.
The general election will be the kicker, I’m sure the behind the scenes scheming is going full blast to get certain groups behind one single candidate to put a stop to the socialist from getting the majority in the general.
Of course as far as I’m concerned NYC deserves what they vote for, good and hard.
No bailouts. None.
If I was an “upstater” from NY, I’d be concerned about being taxed again and again to pay for the NYC experiment if the Z man wins though.
*Sorry we’re full. Try FL or TX, I hear they have space.
Down vote for sending New Yorkers my way.
I’m from upstate NY and moved to Flahradah in the early 1980s. South Florida was infested with those from NYC.
Just spent three days in SE Fl playing poker, what a shit-hole.
Nope,we are full here in Florida
The “No bailouts” will be laughable. I’m guessing Albany can avoid it … but as soon a D resides in 1600 again … NYC will go hat in hand and the rest of us get to fund their unsustainable policies.
I do agree that the donorCRAT Party establishment will Ned Lamont (or India Walton, if you will) their own party’s official candidate. No one can rule out a large chunk of donorCRAT voters opting for Cuomo-Adams-Sliwa, while the Republicans go for Sliwa-Cuomo-Adams. If Mamdani gets less than 50% in the first ballot, this strategy will ensure either the corrupt Adams or the lecherous Cuomo will win, both of which will mean the status quo would continue. It would be a pleasing outcome for both the parties.
Also, tons of money will come from the likes of Bloomberg, Ackman et al to run all kinds of sleazy smear campaigns against Mamdani. It will make Cuomo’s vicious anti-Mamdani campaign in the primaries look like nothing.
“Selling a home will be much harder a year from now.” ok i’ll take that bet. If this statement is accurate what Mish is predicting here is that in June of 2026 the real estate market in NYC will have collapsed so badly that selling your property will become difficult and you’ll have to take massive losses. This claim to me sounds delusional, but I look forward to checking back in a year.
Agree with you. If NYC property values crash, I will buy up what I can. My kids want to move there.
The real property crashes happening now are in Texas and Florida.
https://www.youtube.com/watch?v=A0b_x6MOIGM
and we keep overbuilding here in Fla with so many houses for sale
The crash is much worse in Texas than in Florida.
Most of the Florida crash so far is in Condos which I think we all suspect is due to the Miami tower falling that is caused the government to step in and force deferred maintenance to be paid for.
If Mish is right about NY (and it won’t be a mass exodus, rather maybe 1-2% of the wealthiest people which is still a lot of people) then home values in Florida may not sink a whole lot while Condos continue to fall.
Suggest you watch the latest reventure video. Lots of empty new construction in Florida.
https://www.youtube.com/watch?v=V7nn9rqUYi4
I know that area. I’ve driven through it many times going across the state to visit friends in Madeira Beach.
They’ve been building like crazy out there for more than 10 years (sprawl has moved easily a mile further inland). Never understood why since it’s so far out (30-40 minutes from the water if traffic is light) in the middle of nowhere and there are no real jobs around unless you count working at the local grocery store/gas station/restaurant.
Maybe the home insurance is cheaper inland?
Possibly on flood insurance at least as far as storm surge goes but there is no escape from winds inland. However Florida is very flat and if you go inland it’s swampy which means if you get torrential rains from a Hurricane you can easily get flooding (less than 20 miles from that area flooded badly in 2020 from a Hurricanes rains).
The worst part about living inland is the humidity skyrockets the farther you get from the water (Orlando is an awful place to live for example because of that fact) so these homes will also suffer from that problem.
Here is another perspective on Florida, same story.
https://www.youtube.com/watch?v=8elx6iN0toQ
Big part of that crash is because they went up the most. It is a needed correction.
This is the populist left coming to destroy the democratic establishment that’s rolled over for Trump. Our political parties no longer offer stability or solutions to our disintegration. Expect more of this.
And now you finally begin to understand the whole “Got exit strategy” paradigm….congrats on your awakening.
I don’t think they’re destroying it – they’re just changing it. They’re a younger generation, with new ideas.
I voted for Ilhan Omar in the democrat primary just so AIPAC couldn’t take her down. I hope AIPAC uses all the power they have to take this clown down.
AIPAC can’t win a demographic war. People vote, not money. The children of Abraham (Isaac & Ishmael) were told to be fruitful and multiply, one ignored the order the other did not, the rest is history.
NYC has died so many times it’s hard to take such calls seriousy. no one thought it would survive the pandemic and it did.
don’t like Mandani, but NYC survived Diblasio and some of these ideas are so idiotic they are simply undoable, silly campaign sales pitches.
Also, while he is likely to win, it’s not a lock.
Man jumps from 100 story building. half way down nothing has happened. So far so good.
but things have happened. point is NYC has hit the ground lots of times, and a couple years later is still alive.
beleve me, few want Mandani to lose more than me but NYC will survive him.
The city will of course continue to exist. I’m not literally arguing it won’t. Detroit and East Saint Louis also exist.
yes, i understand what u mean. NYC will not be east st louis or detroit.
the homicide rate in NYC is 5.3/100,000. Detroit is 20/100,000 and east st louis is 190/100,000
things have to go really really sideways. . .
They said that about Caracas when Chavez was elected.
I assume at some point the real movers and shakers take the winner aside into a room and quietly explain how it really works.