Tough promise to make considering the emigration of wealthy New Yorkers and businesses. This'll only work if NYC's ballooning budget gets slashed, but that would be unpopular. People don't easily let go of their social programs
As Governor, I will eliminate state income tax on the first $50,000 you earn ($100,000 for married couples) and cut your utility bills in half.
Your paycheck should go further in the state you call home.
Might get hate for this (most people just read a headline and take it as face value)...but, this "$11B Loss" is the estimated additional personal income tax revenue that would have been collected in tax year 2022 if New York had maintained its 2010 share of U.S. millionaires. It has nothing to do with Mamdani, his policies, or anything that occurred after 2022.
Basically, the data calculated how many extra millionaires NY “should” have had if it matched national growth, then applied the average tax liability of actual millionaires in 2022.
For the record, I think plenty of Mamdani's policies are counterproductive...rent control raises prices..."taxing the rich" is a just a politically popular move that gets votes at the detriment of long term growth...but, I also don't like spinning the data without including more nuance that might change people's perspective.
Rents in NYC have just hit an all-time high.
Median market rate in June…
Manhattan: $5,295/mo (+8.2% year-over-year)
Brooklyn: $4,350 (+8.1%)
NYC’s housing affordability crisis is at DefCon 1. We need to push harder on every front to address our housing shortage.
Update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market. We need bold action. This is a crisis.
Capitalism haters say, "We have a finite amount of money.”
“Jeff Bezos has $100B. His wealth is making people poorer.”
But, that’s just ignorant. There ISNT a finite amount of money.
Capitalists create new wealth!
Here’s how trade makes everyone richer: