Beat the Rush, Escape New York City Now, Before it Goes to Hell
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?
Defund the police
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
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?
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.
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.
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.
This post originated on MishTalk.Com
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Mish
