New York City’s new socialist mayor is already running out of other people’s money.
In addition to being unable to remove snow or get the trash picked up, Mamdani is now backtracking on a campaign promise to expand the city’s rental assistance program.
He just got grilled by New York lawmakers in Albany who are nervous about his ‘tax the rich’ policies and now this. How long before his base turns on him?
The Post Millennial reports:
Mamdani reverses campaign promise for rental assistance program—turns out it’s too expensive
Socialist New York City Mayor Zohran Mamdani has reversed on one of his campaign promises to expand a rental assistance program in the Big Apple. The expansion has turned out to be too costly.
As the mayor is confronting a steep fiscal situation in managing the city during his second month in office, Mamdani does not intend to back the growth of a $1 billion-plus initiative known as CityFHEPS, per the New York Times. The plan to initiate the expansion of the program was previously upheld in court after being proposed by the city council.
Mamdani, during his campaign, had promised to expand the voucher program, but in a news conference on Wednesday, he suggested that the expansion of the program is too costly as the city is facing a budget deficit over two years that is around $7 billion.
What is the result of raising taxes on owner landlords while freezing rental rates? Can’t wait for the NYC real estate fire sale.