Zohran Mamdani, 33, a Ugandan-Indian-American member of Democratic Socialists of America swept through the Democratic primaries for Mayor of New York City.
New York is effectively a one-party city where the Democratic Party calls the shots, it's possible that the financial capital of the world, and the functioning heartbeat of global capitalism, will be governed by a candidate who dreamed of a world where the government seized the means of production.
Mr. Mamdani ran a formidable campaign with thousands of foot soldiers.
His platform spotlights affordability using videos on "halalflation," inflation in price of a halal plate, a staple for the working class in the city.
Mamdani’s proposed solutions, however, are frankly, sophomoric.
He offers goodies that either he has no capacity to deliver, or those solutions would penalize the lifeblood of the city.
Take his proposal to open city owned grocery stores.
"Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers," he claims. Grocery is a razor-thin-margin business where supply-chain efficiency and economies of scale explain success.
Small grocery stores in the city are primarily run by immigrants, a stepping stone in their American dream. They do have to pay rent and property taxes, and muddle through city bureaucracy making them vulnerable to government overreach.
At the very least, Mamdani is penalizing aspiring newcomers that New York City has beckoned for centuries.
Whenever used in the U.S., state-run grocery stores were a cesspool of mismanagement.
Kansas City spent $17 million to buy a shopping mall and open "KC Sun Fresh" in 2018.
After a cumulative $29 million spent on the pipedream, shelves remain empty, beset with theft, drug dealing and vagrancy. Examples like that add up.
Growing up in India, staples for us came from what are known as "Ration Shops," outlets for India’s public distribution system.
Often, we would stand in line for hours only to be told that supplies are no longer available.
We would then cross the street to a regular store to buy the same items --- often with labels intact --- at market prices.
Friends from behind the Iron Curtain have stories that are more sordid and just as telling.
The proposal to freeze rent is as thoughtless as it gets.
It's said that rent control is the most effective way to destroy a city, except for bombing it to smithereens. The housing stock of New York City — especially at the lower end — needs serious investment.
Most are managed by mom-and-pop owners, who have labored under onerous regulations making any capital improvement a burden. Many are still reeling from arbitrary rules from the days of the COVID-19 pandemic.
Rent-freeze in a market already at a breaking point will drive existing stock into further decay and cease any fresh supply.
Mamdani’s proposal for free public buses is a public safety threat.
Public transport system in the city is so deep in the hole that free rides would not make city coffers much lighter.
That said, now police officers have a valid reason to ask vagrants to leave if caught free-tripping. Under Mamdani’s proposal vagrants, drug users, and the homeless will have free reign of city transport.
At risk are schoolchildren and the elderly, among others.
Mamdani’s past comments suggest an internalized hatred of Jews.
His immediate response following the Hamas terrorist attacks on Oct 7, 2023, did not mention Hamas at all, rather they railed against Israeli "occupation" and "apartheid."
He still refuses to condemn previous call to "Globalize the Intifada," encouraging violence against Jews globally.
He heaped praises on the Holy Land Five, a group convicted of providing material support to Hamas in a U.S. court.
Additionally, Mamdani threatened to arrest Israel’s Prime Minister Benjamin Netanyahu without any thought to the legality and repercussions of such a move.
Mamdani can, and likely will, erode the sanctuary New York City has provided to the Jews.
Mamdani has a point highlighting affordability, but that is a click-bait.
Most of his compadres were brought up in privilege and comfort, devoid of life lessons, just like him.
Funny that they would rage against unaffordability.
Americans, immigrants especially, appreciate and celebrate that ours is a land of opportunities, free but not easy.
As someone born and brought up on the wrong side of the tracks, I can do without anyone who claims to care for me in any way other than making it easier to pursue my dreams.
Sensible New Yorkers should feel the sameway.
This madness of a gilded rage in New York City must stop.
All opinions are of the Author alone, and do not necessarily represent that of any organization he may be part of. The author alone is responsible for any error or omission.
Partha Chakraborty, Ph.D., CFA is an economist, a statistician, and a financial analyst by training. Currently he's an entrepreneur in the field of water access, AI/ML, and wealth management in the U.S. and India. Dr. Chakraborty lives in Southern California. Read Partha Chakraborty's Reports — More Here.
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