CNBC's Jim Cramer tossed out some hyperbolic predictions on Wednesday after New York Democrats nominated far-left socialist Zohran Mamdani to represent the party in November's mayoral elections.
On Tuesday, Mamdani, a 33-year-old Muslim born in Uganda, defeated four other challengers including the establishment candidate, former New York Gov. Andrew Cuomo.
Mamdani has promised residents of the Big Apple many socialist initiatives, such as freezing rent for all tenants in stabilized apartments for four years. Speaking with David Faber on "Squawk on the Street," Cramer was given a prediction of what New Yorkers can expect with a Mamdani administration. "The new mayor, potentially, of New York is going to freeze the rents, and everybody eats for free," Faber said. "So they don't have to worry."
"But how 'bout the rich?" Cramer asked mockingly. "Do they get shot?" Faber then answered, "Yes, they get taken away."
Cramer asked if Mamdani would follow in the footsteps of the former head of the Soviet Union. "Is this Lenin?" Cramer pondered. "Not John Lennon."
"He wants to get the rents down," Faber said, adding sarcastically, "One good way to do it is to stop all business and drive everybody out. That'll bring the rent down." Cramer conceded, "That's a very good point. They'll go to Jersey, where I am."
As the Democrats struggle with how to define their party platform in the age of President Donald Trump, many in the centrist wing worry that a candidate such as Mamdani will further alienate middle-class voters.
A self-labeled "democratic socialist," Mamdani has also proposed free bus rides, a $30 minimum wage, and city-owned grocery stores. Mamdani will now face two independent candidates in Cuomo and current Mayor Eric Adams as well as Republican Curtis Sliwa in the general election in November.
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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