NYC

The surprise victory by Democratic Socialist mayoral candidate Zohran Mamdani portends the distribution of wealth for the city. This will portray NYC as a smaller version of California. In California the rich people, mostly from Silicon Valley, represent .5% of the population and they pay 40% of the taxes. In NYC the new mayor will go after the rich on Wall Street to pay for increased social benefits for the not so rich. This transfer of wealth is an honorable goal but all too often results in money going in to unexpected areas. This is known as waste and fraud. One example surfaced during the last mayor when over one billion dollars were assigned to the mayor’s wife in a program called ThriveNYC and much of the money was left in limbo. ThriveNYC was accused of having an "opaque budget" and "elusive metrics" In March of 2019, after four years as mayor, nearly $850 million was unaccounted for Mamdani has said he will fund his promised services by raising an extra $10 billion in city revenue by raising taxes on corporations and the top 1% wealthiest New Yorkers. This is one way to close the wealth and income gap. Let’s see how it works.