Capitalism v. Mamdani: The Battle Ahead

        As Zohran Mamdani rides frontrunner status in the final seven weeks before the mayoral election, he’s moving rapidly to the left. Despite efforts by the business community to build bridges with Mamdani, he is ratcheting up his anti-capitalist rhetoric, equating profit with greed, rolling out plans for massive tax hikes, and refusing to share any information on who might serve in his administration.

        In an interview with Errol Louis on Sept. 8 at Columbia University, Mamdani laid out his radical two-pronged tax hike plan: “One, by raising the state’s top corporate tax rate … and two, by raising New York City’s personal income tax rate on the top 1% by 2%.

        Worse, Sunday night, New York Gov. Kathy Hochul unequivocally endorsed Mamdani, removing any expectation that she will safeguard the state from ruinous tax increases.

        NYC’s mayor has no power to raise taxes, except property taxes, without the consent of the state legislature and governor. In previous public appearances, Hochul expressly opposed Mamdani’s tax-hike plans. But not in her Sunday endorsement. She put their “disagreements” in the past tense.

         Now Hochul is redefining her priorities, genuflecting to the left as she reads the polls: “Affordability has long been my top priority as governor, and it is the No. 1 concern I share with Mr. Mamdani.”

        What a fool. Tax hikes will accelerate the exodus of business and population, dooming New York to be the Evacuation State instead of the Empire State.

        Mamdani has Hochul in a headlock. He’s collected her endorsement but declines to return the favor. Ouch. If he wins the mayoralty, she will have kowtow to whatever he demands as she navigates her own reelection bid next year against challenges from her left flank. New Yorkers will pay the price.

        Mamdani’s latest economic demagoguery, price shaming FIFA, is another cautionary sign that he is ready to go to war against NYC capitalism. On Sept. 10, Mamdani launched a petition campaign to bully FIFA World Cup to cap its prices and set aside 15% of tickets for NYC games at a discount for local residents.

        He posted on X, “The biggest sporting event in the world is happening in our backyard. But most New Yorkers will be priced out of watching it live.” The petition called on FIFA “to put game over greed.” By the way, signers were also asked to pledge that they will vote for Mamdani.

        But what’s next? Will Mamdani go after Broadway theaters, shaming them into setting aside tickets for locals at affordable prices? Few families I know can afford to attend a Broadway show.

        Will luxury restaurants be targeted, told to set aside an affordability section for locals?

        Will there be Mamdani price vigilantes outside the local pizzeria, demanding lower prices per slice?

        NYC’s mayor should be boosting commerce and tourism, celebrating the city’s sporting events, Broadway and fine dining, not going on the attack against capitalism.

        The writing is on the wall. If Mamdani wins, this time next year, according to a source close to the municipal unions, the city will be in fiscal trouble. Reactivating the Financial Control Board that rescued Gotham from a financial debacle in 1975 is no longer an option. It would require the consent of the state legislature, now controlled by Mamdani backers Assembly Speaker Carl Heastie and state Senate Majority Leader Andrea Steward-Cousins.

        Still, this mayoral race is not over. Many local Democrats are understandably wary. “The rest of the party leadership are putting wealthy donors first who feel threatened by Mamdani’s agenda to hold them accountable and make them pay their fair share,” Gustavo Gordillo, co-chair of the NYC Democratic Socialists of America, complains. Fair share? The top 1% of NYC earners already pay an eye-watering 48% of the city’s income tax revenue, according to the city comptroller.

        Rep. Laura Gillen (D-N.Y.) set the record straight, saying she completely disagrees with Hochul’s endorsement, citing the need to bring down taxes, not raise them.

        Most interesting, Gordillo estimates that 500,000 voters back Mamdani — not a significant gain since the 469,000 who chose him first round in the Democratic primary. There’s a ceiling on support for this anti-capitalist extremist. If turnout hits 45% — a not-unreasonable goal for a race getting national attention — Mamdani can be beaten. It’s up to New Yorkers to turn out and vote.

        Betsy McCaughey is a former Lt. Governor of New York State and founder of SAVENYC @SAVENYC.org. Follow her on Twitter @Betsy_McCaughey. To find out more about Betsy McCaughey and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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