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Democratic socialist Zohran Mamdani leads NYC mayoral race with bold spending plans, sparking economic concerns.
Zohran Mamdani, a 33-year-old democratic socialist, is leading in New York City’s mayoral race, prompting concerns from economists and business leaders about his proposed $10 billion in spending on rent freezes, free transit, childcare, and city-owned grocery stores.
Critics, including former Treasury Secretary Larry Summers and economist Ryan Bourne, warn that such policies could harm economic growth, reduce housing quality, and deter investment, potentially driving businesses and residents to rival states.
Mamdani plans to fund his agenda through higher taxes on wealthy corporations and $1 billion in savings.
While some officials acknowledge the city’s resilience, the long-term economic impact remains uncertain as the election approaches.
El socialista demócrata Zohran Mamdani lidera la carrera por la alcaldía de Nueva York con audaces planes de gasto, lo que ha despertado preocupaciones económicas.