<\/p>\n
Zohran Mamdani unapologetically promised to lead New York City as a democratic socialist during a frigid inauguration ceremony on the steps of City Hall, a warning to those who believed he might moderate his positions after taking office.<\/p>\n
The nearly two-hour long event on Thursday featured speeches by two of the US\u2019s most liberal members of Congress, Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders. New York Attorney General Letitia James, a frequent target of President Donald Trump, also had a speaking role. The ceremony served as a not-so-subtle statement of resistance to White House policies from the nation\u2019s largest city.<\/p>\n
Read:
Mamdani makes history with decisive win in NYC mayoral race
New York\u2019s wealthy warn of a tax exodus after Mamdani\u2019s win<\/p>\n
\u201cI was elected as a democratic socialist and I will govern as a democratic socialist,\u201d Mamdani said in a roughly 30-minute address delivered to supporters, elected officials and media gathered in below-freezing weather. \u201cI will not abandon my principles for fear of being deemed radical.\u201d<\/p>\n
Sanders praised the mayor for getting hordes of New Yorkers to work together on his insurgent campaign and called for the wealthy and corporations to pay higher taxes, in both the city and nationwide.<\/p>\n
\u201cThe billionaire class in this city and in this country have got to understand that in America, they cannot have it all,\u201d Sanders said. \u201cAmerica, our great country, must belong to all of us, not just a few and that lesson begins today in New York City.\u201d<\/p>\n
Longshot bid<\/strong><\/p>\n When he launched his mayoral run in late 2024, Mamdani was a virtual unknown. The three-term state lawmaker from Queens was one of nearly a dozen Democrats who challenged Mayor Eric Adams\u2019s bid for a second term after his indictment on federal corruption charges.<\/p>\n Mamdani\u2019s campaign quickly gained traction in the June primary through his shrewd use of social media videos and a sophisticated grassroots fundraising operation that poured out across the five boroughs.<\/p>\n He campaigned on a pledge to address what he called an affordability crisis by making city bus service free, freezing rents in New York\u2019s 1 million rent-stabilised apartments and implementing a free universal childcare programme for kids ages six weeks to five years. After the ceremony on Thursday, Mamdani announced three executive orders focused on housing affordability to kickstart his agenda.<\/p>\n ADVERTISEMENT<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n A fourth action revokes every order issued after 26 September 2024 \u2013 the date Adams was indicted, a measure Mamdani said would help \u201censure a fresh start for the incoming administration\u201d.<\/p>\n Shock win<\/strong><\/p>\n Mamdani shocked New York City\u2019s business establishment when he won the primary by more than 12 points after nearly every poll showed former New York Governor Andrew Cuomo the likely winner.<\/p>\n Mamdani defeated Cuomo again in the general election, when the former governor ran on an independent ballot line. Although the charges against Adams were later dropped by the Trump administration, the mayor declined to seek reelection after withdrawing from the Democratic primary.<\/p>\n New York\u2019s mayoral election was one of the most competitive races the biggest US city had seen in more than a decade \u2013 a fact reflected in high levels of voter interest and turnout. More than two million people voted, the most ballots cast since 1969, according to the Board of Elections. Mamdani won four of the five boroughs, with his strongest showing in Brooklyn.<\/p>\n Early Life<\/strong><\/p>\n Zohran Kwame Mamdani was born in Kampala to Indian-American film director Mira Nair and the Indian-Ugandan scholar Mahmood Mamdani of Columbia University.<\/p>\n After a stint in South Africa, the family moved to New York when Zohran was seven.<\/p>\n<\/blockquote>\n He was raised near Columbia in Morningside Heights, and attended the Bronx High School of Science and Bowdoin College in Maine. He became a naturalized US citizen in 2018.<\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Challenges<\/strong><\/p>\n Mamdani will face immediate obstacles as he takes the helm of a city with a budget of about $116 billion.<\/p>\n His campaign estimated the price tag for his universal childcare programme would reach $6 billion annually, which would be funded through the imposition of additional taxes on corporations and millionaires. But any new tax increases would require approval from Albany lawmakers and Governor Kathy Hochul, who has previously vowed not to raise taxes.<\/p>\n And Mamdani\u2019s promise to freeze rents in the city\u2019s rent-stabilised apartments faces significant hurdles after Adams\u00a0belatedly named four members\u00a0to the board that sets rents in those units.<\/p>\n Those new members may be unlikely to vote in line with Mamdani\u2019s wishes.<\/p>\n<\/blockquote>\n \u201cLike any mayor, there are a lot of challenges that Zohran Mamdani is going to face,\u201d said Joshua Freeman, professor emeritus of history at Queens College.<\/p>\n \u201cThere are also a lot of unpredictables that will affect his programme, his vision, particularly the limited powers that New York City government has in a lot of important areas,\u201d Freeman said, citing the mayor\u2019s lack of control over most city taxes and funding.<\/p>\n Mamdani will technically become New York\u2019s 112th mayor, although Adams was sworn in as New York\u2019s 110th. A recently discovered oversight in city record-keeping showed historians failed to count as separate mayoralties two non-consecutive terms served by Matthias Nicolls in the 17th Century.<\/p>\n \u00a9\u00a02026\u00a0Bloomberg L.P.<\/p>\n Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n\n
\n