Mamdani’s Claims on Wealthy New Yorkers Stir Controversy Over City’s Finances

“Together, we will craft a fresh narrative for our city,” declared Zohran Mamdani during his inauguration speech on Thursday.

“This narrative won’t depict a city governed solely by the elite 1 percent, nor will it portray a city divided into rich and poor factions.”

Mamdani seems to be continuing where former Mayor Bill de Blasio left off, by criticizing the affluent and creating a sense of division.

It wasn’t accurate then, and it remains inaccurate now.

When have the wealthy truly stood in opposition to the less fortunate in New York City?

The top 1% of earners pay 46% of the city’s budget — a budget, by the way, that at $116 billion equals that of the spending for the entire state of Florida.

Were the rich “versus” the poor when they funded billions in social services?

When de Blasio wasted $1 billion on his wife’s pointless Thrive mental-health program?

When Mayor Eric Adams sheltered and fed 210,000 migrants from President Joe Biden’s open border?

Thanks to Wall Street bankers, tech-company innovators and dreamers of all sorts who want to live in this city, Mamdani has a tax base of which most leaders can only dream.

To him, it is still not enough.

And every problem is their fault.

Mamdani spun a dystopian fantasyland in his speech, asking “who does New York belong to” and then claiming “for much of our history . . . it belongs only to the wealthy and well-connected.”

What is he talking about?!

We must have missed the City Council meetings where committee chairs wore cravats and monocles.

For much of our recent history, New York has had one-party rule: the Democrats.

Is he suggesting Koch, Dinkins, de Blasio and Adams were oligarchs?

Mamdani railed against “crowded classrooms and public-housing developments where the elevators sit out of order.”

Who is to blame for that, we wonder?

If classrooms are crowded, it’s because parents want to get their kids into the best schools, because the union refuses to hold bad teachers to account.

With public housing, they’ve made residents feel less safe by letting gang members go free without bail.

We spent more per student than almost anywhere else in America.

Our welfare budget is the size of a small country.

Yet Mamdani claimed his predecessors were scared to do things.

“We will govern expansively and audaciously,” he said.

“To those who insist that the era of big government is over, hear me when I say this — no longer will City Hall hesitate to use its power to improve New Yorkers’ lives.”

It is not how much money we’re spending, but the bad ideas that never change.

Before Mayor Mamdani starts writing more checks, maybe he should consider that he needs better solutions.

Read More

Latest

Embracer Will Spin-Off ‘Fellowship Entertainment’ Into Its Own Company

"this approach represents the most effective long-term solution" by Ollie Reynolds 40 mins ago Image: Amazon Game Studios Embracer has announced its intention to spin-off Fellowship Entertainment into its own company in 2027. In the press release, founder Lars Wingefors states that the approach "represents the most effective long-term solution" for Embracer, with the intention

2027 NFL Draft Prospect Interview: Mikey D’Amato, LB, Cal Poly

2027 NFL Draft Prospect Interview: Mikey D’Amato, LB, Cal Poly Name: Mikey D’Amato Position: LB College: Cal Poly Height: 6′ 0″ Weight: 235 lbs X: @mikeydamato2 Instagram: @mikey_damato_ What made you decide you wanted to be a football player? It’s kind of in my blood, my pops he actually played in the NFL so honestly

These Types Of Vehicles Typically Depreciate Faster Than Others

Every gearhead has been in this situation. You're surfing through eBay Motors or Facebook Marketplace looking for cars, either just for fun or because you want a new project, and you see it: a European luxury car like a Mercedes S-Class, a BMW 7 Series, or something wild like a Maserati. The price is really

Roundtables: Inside the Musk v. Altman Trial

Watch subscriber-only discussion going behind the scenes of the trial and the implications for the AI race. Available only for MIT Alumni and subscribers. Listen to the session or watch below Elon Musk lost his suit against OpenAI, in which he alleged CEO Sam Altman and President Greg Brockman had deceived him over the company’s

Newsletter

Don't miss

Embracer Will Spin-Off ‘Fellowship Entertainment’ Into Its Own Company

"this approach represents the most effective long-term solution" by Ollie Reynolds 40 mins ago Image: Amazon Game Studios Embracer has announced its intention to spin-off Fellowship Entertainment into its own company in 2027. In the press release, founder Lars Wingefors states that the approach "represents the most effective long-term solution" for Embracer, with the intention

2027 NFL Draft Prospect Interview: Mikey D’Amato, LB, Cal Poly

2027 NFL Draft Prospect Interview: Mikey D’Amato, LB, Cal Poly Name: Mikey D’Amato Position: LB College: Cal Poly Height: 6′ 0″ Weight: 235 lbs X: @mikeydamato2 Instagram: @mikey_damato_ What made you decide you wanted to be a football player? It’s kind of in my blood, my pops he actually played in the NFL so honestly

These Types Of Vehicles Typically Depreciate Faster Than Others

Every gearhead has been in this situation. You're surfing through eBay Motors or Facebook Marketplace looking for cars, either just for fun or because you want a new project, and you see it: a European luxury car like a Mercedes S-Class, a BMW 7 Series, or something wild like a Maserati. The price is really

Roundtables: Inside the Musk v. Altman Trial

Watch subscriber-only discussion going behind the scenes of the trial and the implications for the AI race. Available only for MIT Alumni and subscribers. Listen to the session or watch below Elon Musk lost his suit against OpenAI, in which he alleged CEO Sam Altman and President Greg Brockman had deceived him over the company’s

Interview: How Volvo built software for a two-and-a-half-tonne moving object

Anders Bell points to his grey hair and laughs. “Three years ago, it was still blond and curly,” says Volvo’s chief engineering and technology officer. The remark is more than self-deprecating. It captures what Volvo has been through: five years of building a software-defined vehicle (SDV) from scratch, as a traditional carmaker, with no blueprint

Tesla’s Business Has Become Much More Diversified in Just the Past Five Years. Does That Make Its Stock a Better Buy Today?

Key Points Tesla's energy generation and storage segment generated 27% revenue growth last year. The company's non-automotive segments were able to help offset a double-digit decline in auto revenue in 2025. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) is known for its electric vehicles (EVs), and while they

WD sees sustainability as key business driver in an ‘AI economy’

Hard drive company WD promoted long-term operations and sustainability executive Jackie Jung to become its first chief sustainability officer in February, as it steps up sales to companies building AI data centers. Her vision: Turn sustainability into a “brand” for WD, a strategy that reduces risk for the $6 billion company (formerly known as Western

5 Business Ideas Worth Starting in 2026

If there is one thing Nigerians understand well, it is how to spot opportunity inside hardship. In 2026, that mindset will matter more than ever. The economy is tough, competition is rising, and many people are looking for smarter ways to earn, build, and survive. But even in a difficult environment, some businesses still stand