Economists Support Zohran Mamdani’s Plan for New York City

We write, as economists around the world, to support the mayor’s mayor of Zohran Mamdani as a daring but practical plan to meet some of the most urgent challenges in New York – leading to everyone, the cost of living. Its platform offers targeted and responsible interventions that would immediately improve millions of lives while building a fairer and prosperous New York.

At the heart of the Mamdani platform is its rent freezing plan, providing urgent relief to more than 2 million tenants in stabilized rent apartments faced with shocks and inflationary trips. As economists, we recognize that uncontrolled rents increase the neighborhoods, increase homelessness – a much more expensive public burden – and drain local savings. A freezing of rents, as well as long -term commitments to the construction of at least 200,000 additional stabilized and public units, is a common sense policy which combines immediate relief with the structural solving problems.

The priority by Mamdani of free buses is based on the success already demonstrated by the bus pilot program without a price on five lines in each district of New York. The elimination of prices has been shown to increase bus training by more than 30%, considerably reduced violence against bus drivers and provides real economic relief to low -income New Yorks. The pilot data confirms that the bus model without a rate works and that Mamdani’s proposal to develop computers throughout the city is clearly logical.

The commitment of its platform to universal daycare services at no cost is both an imperative for gender equity and an economic necessity. Exorbitant prices for childcare prices, especially women, labor, stifling productivity and chasing families in the city. By lifting the overwhelming financial burden for families, Mamdani’s plan would create quality jobs in the care economy and would generate a multiplier effect in favor of the whole city. The study after the study shows that public investment in childcare services gives some of the highest yields of all social spending.

To combat food prices, Mamdani offers grocery stores belonging to the city – a “public option”, using scale savings to provide healthy foods at affordable prices. These municipal grocers would sell basic foods at wholesale prices, taking advantage of public purchasing power and economies of scale, eliminate food deserts and provide immediate relief from New Yorkers from the price filling. Economic data is clear: when the public sector intervenes to correct market failures in the supply of essential goods, consumers benefit from it.

Overall, Economic Policies with Mamdani responsible costs form a coherent program that rejects austerity and embraces the power of the city to make life more affordable for New Yorkers. Although any ambitious political program requires careful planning in its implementation, we encourage decision -makers and voters to assess these proposals, who resist a rigorous examination, on their economic merits. We support Mamdani’s daring vision for a more affordable New York.

Sign,

Isabella Weber, Professor of economics, University of Massachusetts in Amherst

James K. GalbraithProfessor of economics, University of Texas in Austin

Ha-Joon ChangProfessor of economics, Soas University of London

Jayati GhoshProfessor of economics, University of Massachusetts in Amherst

José Gabriel PalmaMaster of emeritus conferences, University of Cambridge; Professor of economics, University of Santiago

Daniela GaborProfessor of economics, Soas University of London

Yanis VaroufakisFormer Minister of Finance, Greece

Complete list of signatories here.