In today's New York Democratic mayoral primary, 33-year-old socialist candidate Zohran Mamdani has surged in the polls, drawing attention and concern from the city's financial elites. His commitment to raising corporate and millionaire taxes, alongside a freeze on rents, suggests a potential leftward shift for New York City, raising fears reminiscent of the fiscal crises of the 1970s. Mamdani's recent walk across Manhattan resonated with historical references, and his ambiguous stance on sensitive issues such as the Israel conflict adds another layer of complexity to the race.
Mamdani's promises to raise corporate taxes and income taxes on millionaires and freeze rents raises the specter of a leftward shift for America's biggest city.
The city's capital class is spooked by Mamdani's rise, evoking fears of a fiscal repeat reminiscent of the 1970s crisis.
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