NEWYou now have the option to listen to articles from Fox News!
Chicago Mayor Brandon Johnson has raised concerns about the financial situation in the nation’s third most populous city, stating that it has reached a critical point.
The mayor recently emphasized the need for Chicago to address upcoming budget deficits, highlighting that crucial services such as education, housing, healthcare, and transportation are severely underfunded.
Meanwhile, over eight hundred miles away in the nation’s most populous city, there are fears that if democratic socialist Zohran Mamdani wins the mayoral election in November, New York City could face a financial crisis similar to the one it experienced half a century ago.
Incumbent Mayor Eric Adams, who is running for re-election as an independent after dropping out of the 2025 race for the Democratic Party mayoral nomination, has reached a budget agreement with the city council amounting to approximately $116 billion for fiscal year 2026.
However, Mamdani, the leading candidate in the polls ahead of the general election, is campaigning on an expensive platform focused on addressing affordability and inequality in one of the nation’s most expensive cities.
The 33-year-old assemblyman from Queens is proposing measures such as eliminating bus fares, making City University of New York tuition-free, freezing rents on municipal housing, providing free childcare for young children, and establishing government-run grocery stores.
Despite the popularity of his proposals, there are concerns about the potential strain on New York City’s budget due to increased spending and potential revenue shortfalls.
One of the key elements of Mamdani’s funding plan is a “millionaire’s tax,” which has sparked criticism for possibly driving wealthy residents out of the city.
Republicans have seized on Mamdani’s socialist policies to criticize him, with some even labeling him as a “communist.” President Donald Trump has joined the chorus of critics, accusing Mamdani of extreme leftist ideologies.
In response to the backlash, Mamdani’s rivals in the mayoral election have also criticized his proposals, with Mayor Adams warning that the plans could negatively impact low-income residents and local businesses.
Former Governor Cuomo has also weighed in on the debate, arguing that Mamdani’s socialist approach is unproven and could exacerbate the city’s affordability crisis.
The contentious mayoral race in New York City continues to draw national attention as the candidates clash over their visions for the city’s future.
Firing back at his critics, a spokesperson for Mamdani’s campaign accused Cuomo of creating the affordability crisis and questioned his ability to address the city’s challenges.
