NY’s Mayoral Race: Mamdani’s Plan to Tax the Rich

In the face of escalating housing problems and expanding wealth disparities, a likely candidate for mayorship in New York, Zohran Mamdani, has proposed a greater tax burden on the wealthy, to finance essential public amenities. He has made known his beliefs that the existence of billionaires should not be a fact in society. Earlier this year, Mamdani’s election campaign comfortably triumphed over Andrew Cuomo, the prior Governor of New York, during a Democratic primary. Presently, billionaires and billionaire-controlled entities, including Airbnb and DoorDash, are making substantial contributions in an effort to impede Mamdani’s campaign and sway the election in their favor.

According to research by LittleSis, a non-profit organization focused on public interest, it appears that numerous billionaires and their corporations have channeled over $19 million into political action committees (PACs) endorsing Cuomo or attempting to derail Mamdani and other potential mayors. Groups such as Fix the City, Inc. and Affordable New York, are being used as tools for the affluent and businesses to steer public perspective about the elections. Notably similar to other urban centers, the regulations surrounding short-term rentals are a contentious topic in New York; they often instigate conflict amongst renters, property owners, residents, and visitors.

On the contrary to the host of over twelve billionaires backing Cuomo, Zohran Mamdani, both a state assemblyman and a democratic socialist, has succeeded in gaining the rather modest financial support of a lone billionaire known for aiding educational restructuring and advocating for LGTBQ rights. Elizabeth Simons, both a generous contributor to a hedge fund and a bilingual instructor, made a donation of $250,000 to the pro-Mamdani group, New Yorkers for Lower Costs.

Mamdani’s outspoken opinions on international matters, like Israel’s occupation of Palestine, puts him as a target of critique by political analysts, yet his initiatives to control rent prices and increase taxes on the wealthiest one percent to enhance public transit and other societal facilities have won over numerous voters from the working and middle classes. This sentiment was evident in the Democratic Party primary election for the mayor, as Mamdani gathered 56 percent of the ranked choice vote. A fact that stands, notwithstanding his status as a newcomer to municipal politics, this achievement has brought about feelings of fear within the realms of New York City’s real estate lobbyists and the super-rich.

By the age of 33, Mamdani has already left a significant mark on the national media and continues to maintain a firm lead in the majority of polls. In the meantime, Cuomo has continued to stay active in the mayoral race as an independent candidate, which remains competitive due to the influx of external funds.

Mamdani, however, is dealing with competition not only from Cuomo but also from the currently serving Mayor Eric Adams. Adams’ bid for re-election has been tainted by allegations of corruption, which have led to investigations and criminal charges being filed against at least ten individuals associated with him. The incumbent mayor himself was accused of abetting bribery and illicit campaign donations, allegations that he refutes by asserting there was no exchange of concessions.

Adams, regardless of charges that he covered up acts of bribery and unlawful campaign funding, remains firm in his denial of allegations of reciprocal dealings in the dismissal of said charges. He has also dismissed the demand to employ the New York City National Guard. While Adams has extended an apology to the citizens of the city for the controversy his tenure has bred, he reiterated his stand that he has kept within the bounds of law.

Another contender in the race for mayor is local activist Curtis Sliwa, who is contesting on behalf of the Republican party. Sliwa’s poll ratings, much like incumbent mayor Adams’s, are trailing behind those of contenders Mamdani and Cuomo. Therefore, in spite of Mamdani’s surprising dominance in the primaries, the race for mayorship still holds tight.

A poll recent survey suggested that in the event of the withdrawal of Adams along with other candidates, Cuomo may gain the upper hand over Mamdani. With residents of New York gearing up for the election, it is inevitable that campaign funding will carry on unabated. As the election day nears, analysts are keenly awaiting for the subsequent due date for disclosing campaign finances, to quantify the extent of involvement by the super-rich in the election for the next mayor of New York.