Tuesday’s New York mayoral race outcome will inevitably determine a just-in-time or all-too-late wake-up call to prevent Marxist ideology and control obsession from obliterating the vibrant economic and social character of our nation’s largest and arguably most quintessentially multi-cultural city.
And this result will be far more consequential than just impacting our nation’s central financial capital.
America is at a pivotal point of choosing between socialism and the freedoms of a representative federal democracy, one which has made us the most prosperous, generous, strongest, freest and, yes, fairest nation on Earth.
For years our country has been on a slow, steady and dangerous path, one that’s gradually trading away cherished traditions and freedoms for a system that seeks to claim ownership over all property and repressive control over its subjects on the counterfeit premise that socialism is somehow more compassionate and equitable.
Now enter stage left self-identified socialist Manhattan mayoral candidate Zohran Mamdani who is running on simplistic promises of rent freezes and $100 billion to be spent for communal government housing, free bus rides, free child care, and subsidized public no-profit groceries, as well as de facto state ownership of means of economic production through massive taxation advocated by Karl Marx and Friedrich Engle’s “The Communist Manifesto.”
Mamdani’s plan to freeze rent of the city’s one million rent-stabilized apartments will be an incentive for owners not to invest in maintenance and cause bankrupted landlords to abandon derelict properties as previously zoned single-family neighborhoods become overtaken by massive faceless human warehousing.
Since the pandemic, higher inflation and steeper interest rates have depleted capital needed to provide maintenance, conditions made even worse by delayed revitalization of spaces due to stalled city-issued work permits which can take months to acquire.
Meanwhile, sales for New York City’s rent-stabilized multifamily properties with 10 or more units have declined since 2019, when rent laws restricted many owners looking to raise rents on over one million rent-stabilized apartments.
Notably, not all “rent stabilized” tenants are financially needy.
Take, for example, the $2,300 a month one-bedroom apartment in Astoria, Queens rented by none other than mayoral candidate Mandani who has earned a $142,000 New York assemblyman salary.
Those “free” bus rides for all will annually steal an estimated $700 million from the city’s already tortured tax base which will become stressed even more as businesses increasingly fail or flee as Mamdani’s plan for the city to own and run grocery stores shutters bodegas and other small shops.
He also wants to raise the combined city and state’s already astronomical tax rate from 14.8% to 16.8% and hike corporate tax rates from 7.25% to 11.5%, an astounding combined 21% business tax burden.
New York, already the most highly taxed combined city and state in the nation, can ill afford to force out businesses and high-income residents who cover the lion’s share of tax revenues that provide vital livelihoods and services for everyone else.
And what about all those “rich people” who prospective mayor Mamdani disapproves of; those millionaires who make up of less than 1% of the state’s and city’s resident taxpayers, yet account for 44% of Albany’s income-tax revenue, and 40% of the city’s?
Who can blame them for leaving and carrying huge chunks of Manhattan’s tax base with them as working households are left behind to cover shrinking budgets with no thanks to profligate, unaccountable government spending which must be paid for with massive inflation and debt that will be passed on to future generations?
Yes, and many of America’s largest financial institutions will likely join the exodus parade to friendlier climes.
A Mamdani Socialist cum Marxist election win of America’s largest city and economic Wall Street capitol would be a spectacularly transformational and costly national wakeup call, launching one of the greatest financial wars in U.S. history.
The Security and Exchange Commission (SEC) has approved the formation of a Texas Stock Exchange, (TXSE) which bills itself as the “first and only fully integrated, national securities exchange built and headquartered in Texas.” (Dallas).
The timing is remarkably appropriate, with a planned launch date in the first quarter of 2026 following Mamdani’s likely inauguration in the first week of 2026.
And, as an added attraction, the already existing Miami Stock Exchange (MIAX) is also a major trading platform for financial options both nationally and internationally.
Don’t be fooled or comforted that Manhattan mayoral candidate Zohran Mamdani refers to himself as a “democratic socialist” rather than Marxist, an ideology which has failed, poisoned, and impoverished civilizations everywhere it has been tried, leaving no sphere of daily life untouched.
By contrast, while attacking private property and believing with John Maynard Keynes, that “the state is wise and the market is stupid,” Marxist socialists ignore a reality that capitalism has produced the greatest alleviation of suffering, the greatest liberation from want and ignorance, greatest increase of bounty and opportunity in history.
Ignoring these lessons, the Democratic Party has ceded leadership control to those who promote forced income redistribution premised on vague fantasies that big government bureaucracies can be trusted to make more-informed decisions about the welfare of a people than the people themselves regarding everything including economic inequality among citizens and nations.
If elected, Zohran Mamdani will not only be New York’s worst nightmare but will signify our nation’s greatest growing threat as well.
Let’s fervently hope they wake up in time.
Larry Bell is an endowed professor of space architecture at the University of Houston where he founded the Sasakawa International Center for Space Architecture and the graduate space architecture program. His latest of 12 books is “Architectures Beyond Boxes and Boundaries: My Life By Design” (2022). Read Larry Bell’s Reports — More Here.
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