Economist Explains How Mamdani Will Bankrupt NYC And Lower Living Standards | Steve Hanke

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Steve Hanke, Professor of Applied Economics at Johns Hopkins University, warns that New York's new mayor's plans for free buses, rent freezes, and $30 minimum wage will bankrupt the city and hurt the people they are meant to help.

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*This video was recorded on November 19, 2025.

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0:00 - Intro.
1:11 - Mamdani’s economic proposals and affordability
7:32 - NYC’s historic affordability and budget crisis
12:01 - Is Mamdani actually a socialist?
18:35 - Free buses and congestion pricing
23:10 - City-owned property
26:39 - Grocery stores
34:30 - Lessons from Cuba, China, and Russia
36:45 - Housing and rent-freezes
41:30 - Minimum wage and impact on business
46:12 - Mamdani’s fundraising and what NYC will look like 10 years

#economy #newyork #mamdani