Zohran Mamdani’s pledge against billionaires, wealth inequality

Fresh from clinching the Democratic nomination to become New York City’s next mayor, Zohran Mamdani continues to ignite discussions with his progressive agenda — including a conviction that billionaires should not exist.

The 33-year-old assemblyman from Queens defeated former Gov. Andrew Cuomo with 56% of the ranked-choice vote after final tabulations were released Tuesday. However, his path to victory revealed significant demographic challenges that could complicate his general election prospects.

Despite campaigning as a champion of Black residents and the poor, Mamdani lost many of the city’s most solidly Black neighborhoods by substantial margins. Analysis by The New York Times shows Cuomo won in precincts where at least 70% of residents are Black, leading Mamdani 59% to 26%. Mamdani also struggled among lower-income voters — who backed Cuomo by 13 points — but drew middle- and higher-income residents with double-digit advantages.

Mamdani’s housing policy proposals have drawn particular scrutiny, including his pledge to “shift the tax burden from overtaxed homeowners in the outer boroughs to more expensive homes in richer and whiter neighborhoods.” His campaign contends that the current property tax system unfairly burdens “family homes in Black and Latino neighborhoods like Jamaica, Brownsville and Tremont” while undertaxing wealthy areas.

On Sunday’s “Meet the Press,” the self-described democratic socialist doubled down on his anti-billionaire stance, saying, “I don’t think that we should have billionaires because, frankly, it is so much money in a moment of such inequality, and ultimately, what we need more of is equality across our city and across our state and across our country.”

Beyond wealth redistribution, Mamdani has proposed sweeping changes that critics dismiss as unrealistic. His platform includes creating city-owned grocery stores “focused on keeping prices low, not making a profit,” offering free childcare to all New Yorkers with children aged six weeks to five years and making public transit completely free.

Mamdani plans to fund these initiatives through a 2% tax on residents earning more than $1 million annually, though Gov. Kathy Hochul has called such tax increases “a non-starter.” When pressed about feasibility, Mamdani, however, remained optimistic. “Any mayor that has an ambition that meets the scale of the crisis of the people that they’re seeking to represent will have to work with Albany,” he told NPR on Monday.

Mamdani will face incumbent Mayor Eric Adams, who is running as an independent, and Republican nominee Curtis Sliwa, in the general election on Nov. 4.