‘Hannity’ has the latest on the results of the New York Mayoral election.
There’s a new mayor in town.
New Yorkers have been democratically elected for 34 years Zoohran mamdani Tuesday night to lead the largest city in the country.
Mamdani, a progressive weed from Queens, has made it a cornerstone of his agenda.
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Zohran Mamdani is the next mayor of New York City. (Adam Gray / Bloomberg / Getty Images / Getty Images)
However, proposals such as free buses, stores owned by city stores and hiring freezes with wall letters, draw some of his fiery critics. The conflict underscores the widening divide between progressive views of the city and the financial sector that has long manifested itself. Already, many firms, including JPMORGAN have provided headcounts to states, including Texas.
Here is a breakdown of Mamdani’s economic agenda.
The town’s shops are owned by shops
Mamdani is committed to building “a network of city-owned stores that focus on maintaining prices, not making a profit.”
“Without paying rent or property tax, they will reduce more and pass on savings to consumers. They will buy and sell at affordable prices,” and partner local neighbors in products and trends, “said Mamdani.
Mamdani’s rise in NYC mirrors the economy to the south, study shows
People shop at a grocery store in Brooklyn on July 11, 2024, in New York City. (Spencer Platt/Getty Images/Getty Images)
The Mayor of New York City controls the city’s operations, so he can achieve this goal with the approval of the New York City Council.
Billionaire John Catsimatidis, owner of grisdedes and d’Agostino’s, the largest independent agostino in New York City, previously said he would consider moving his central position out of New York following the Mamdani win.
Atlanta Mayor Andre Dickens, who won Tuesday night’s election, has already launched a similar pilot program, opening a city-owned store in what was long considered wilderness.
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The new Atlanta market opened on Aug. 28 in the area Department of Agriculture It is segregated as income is low and access is low, meaning that most residents live far from full-service grocery stores.
Free free bus rides
The Metropolitan Transportation Authority is a government agency, so the Mayor of New York City is not directly controlled. (Erik McGregor / Lighstracket Via Getty Images / Getty Images)
Mamdani has vowed to ‘completely eliminate the bus ride in the city and do it quickly with the most important road construction, extending the signals of Queue-ue-jumps and dedicated loading areas to be able to keep Parkers out of the way. “
This proposal will require cooperation with the Metropolitan Transportation Authority (MTA). The MTA is a state-run agency, the mayor of New York City has no direct control.
Mamdani’s rise in NYC mirrors the economy to the south, study shows
In accordance with City & State New YorkMamdani’s free bus offer would require additional costs, perhaps more than $700 million. It is not yet known how Madani plans to pay the extra money.
Raising the minimum wage to $30 by 2030
Passengers on the 72nd Street subway station in New York June 27, 2024. (Yuki Iwamura / Bloomberg / Getty Images / Getty Images)
In addition, Mamdani said he wants to increase the minimum wage to $30 an hour by 2030. “After that, the minimum wage will increase based on reducing the cost of living and production.
By allowing the city council to create its own minimum wage ordinance, Mamdani proposed a way to raise New York City’s minimum wage without federal approval. But the increase in the state rate is not possible.
Free childcare
Mamdani also campaigned to provide all New York families with a five-year-old child free childcare. It’s unclear how he would finance the proposal, which experts estimate could cost billions of dollars a year. He has largely floated tax increases on newly wealthy New Yorkers and corporations to pay for increased services, which would require state-level approval.
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However, New York Gov. Kathy Hochul expressed her opposition to tax hikes, which would create other obstacles for Mamdani. However, Hochul pushed for an increase in the state’s child tax credit earlier this year, and is close to doubling the funding for double-subsidized child care programs in parts of about $2 million. According to the New York Times.
Tax corporations and NYC’s 1%
Mamdani is now floating the holy tax on the richest of all who ask to help fund some of his economic agenda. (Michael Nagle / Bloomberg / Getty Images / Getty Images)
Mamdani said he would fund his plans with a revenue program that would “raise the tax rate of 11 companies. and he will pay the rich tax.”
While Mamdani has it you sure do the matha plan like this needs approval from the state legislature and the governor’s signature.
With Hochul doubling down on his opposition to the tax hike, Mamdani could face roadblocks in delivering on this marquee campaign promise, as reported The New York Times.
Refuse the rent
Browstone Apartments in Manhattan, NY, July 6, 2024. (Beata Zawrzel / Nurphoto / Getty Images / Getty Images)
Mamdani has promised to reduce the tax on renters in improved and strengthened apartments and to use all available resources to increase affordable housing.
On paper, Rent Creshe might seem like a simple New York City problem. But experts warn they could backfire in the long run by avoiding investment and driving costs for employers in tax-exempt settlements.
New York Association CEO Kenny Burgos warned that this policy could make developers reluctant to invest in New York.
“I don’t know any investor or builder who would want to build in a city where the mayor is threatening to deal with the funding and the ability to bring back the development of these projects,” Burgos told the FOX business. “So, you will have a lot of attraction for people to build the houses we need, Zohoran admits that we need a lot.”
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Ed Elson, a business analyst and host of the “Prof G Markets” podcast, noted that the tax is determined by the forces of supply and demand.
“The solution to the high tax, therefore, is to increase more construction and more construction. Surprisingly, rent Freezes, caused by the tax is more than other places to be very high,” said Elson.
He also described cold hiring as ‘a policy too good to be true’ which would ultimately not achieve the public’s goal of reducing the cost crisis.
FOX Business’ Daniella Genovese contributed to this report.
