Zohran Mamdani has secured the Democratic nomination for mayor of New York City, raising concerns among centrist figures like former Treasury Secretary Jack Lew. Lew criticized Mamdani's policies as impractical and likened them to populist proposals from both far-left and far-right. He emphasized the constraints on New York's mayoral powers, arguing that many policy decisions need state approval, which might mitigate radical changes. Billionaire Bill Ackman and others also expressed worries, fearing Mamdani's ideology could lead to significant financial losses for the city.
I worry deeply about the policies outlined by Mamdani... they are not good for the city. Populist policies don't always go through the filter of do they work? I don't think they work.
New York is not an entirely independent governing entity. Many of the policies have to be approved by the state legislature or governor, suggesting that institutional checks may blunt the impact of any sweeping ideological shift.
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