"New York Mayor Zohran Mamdani is facing a tough reality check. Just a few months into office, the new mayor's dreams of free buses, free child care, and government-run grocery stores are running into the brick wall of New York City's massive budget deficit. But when it comes to government food stores at least, the mayor is doubling down anyway."
"The city currently faces a $5.4 billion budget gap, which Mamdani has largely blamed on former Mayor Eric Adams. In turn, Mamdani's primary proposals for closing the gap are to either pressure New York Gov. Kathy Hochul and state legislators into raising taxes on the wealthiest New York City residents and corporations-the mayor's preferred path-or enacting a 9.5 percent property tax in the Big Apple."
"Despite NYC's fiscal situation, the New York Post reports that Mamdani plans to earmark $70 million for his central campaign proposal of government-run grocery stores. The funding would supposedly flow to the city's Economic Development Corporation (EDC), which would be tasked with scouting sites for the five proposed stores across Gotham's five boroughs."
New York City faces a $5.4 billion budget deficit under Mayor Zohran Mamdani, who has proposed funding free buses, free childcare, and government-run grocery stores. To address the deficit, Mamdani advocates for raising taxes on wealthy residents and corporations, though Governor Hochul opposes this approach. A proposed 9.5 percent property tax increase has faced substantial backlash and requires City Council approval, which Speaker Julie Menin has rejected. Despite fiscal constraints, Mamdani plans to allocate $70 million to establish five government-run grocery stores across the city's boroughs through the Economic Development Corporation, prioritizing this initiative over spending cuts or fiscal restraint.
Read at Reason.com
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