The “Mamdani Effect”: Can New York Afford a Free City?

New York City stands at a crossroads. As progressive mayoral candidate Zohran Mamdani promises “free” housing, child care, and public transit, the city’s tax base is quietly shrinking. Since 2020, hundreds of thousands of taxpayers—many of them high earners—have left the state, taking billions in revenue with them.
This video breaks down the numbers behind the exodus, explains Mamdani’s ambitious $7 billion social spending plan, and asks the hard question: Can New York afford to be free?
We’ll look at:
• The decline of millionaire taxpayers and what it means for state finances
• Mamdani’s proposed tax hikes on corporations and the wealthy
• The emerging “Mamdani Effect” — as businesses and high earners plan their exits
• The potential federal response if NYC faces a financial crisis
👉 Watch until the end for our breakdown of whether Mamdani’s dream is economically sustainable—or a fast track to another New York City fiscal meltdown.