With nearly 9 million residents and the world’s largest financial hub, New York City is about to test a progressive economic vision under Mayor-elect Zohran Mamdani.

Proposals such as free buses, city-owned grocery stores and rent freezes have already rattled Wall Street, prompting sharp criticism from Mamdani’s critics. The clash underscores a widening divide between progressive ambitions for the city and the financial sector that has long powered its economy.

Affordability sits at the center of Mamdani’s agenda as he prepares to run America’s largest city. Here’s a breakdown of how he plans to address it.

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City-owned grocery stores

Mamdani has committed to creating a «network of city-owned grocery stores focused on keeping prices low, not making a profit.»

«Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers. They will buy and sell at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods on products and sourcing,» Mamdani has promised. 

The mayor of New York City has control over city-run programs, so he can accomplish this goal by securing New York City Council approval.

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Billionaire John Catsimatidis, owner of Gristedes and D’Agostino’s, the largest independent supermarket chain in New York City, has previously said he would consider moving his corporate office out of New York following a Mamdani win.

Atlanta Mayor Andre Dickens has launched a similar pilot program, opening a city-owned grocery store in a neighborhood long classified by the U.S. Department of Agriculture as a low-income, low-access food desert.

Free bus rides

The Metropolitan Transportation Authority is a state-run agency, so the mayor of New York City does not have direct control over it. (Michael Nagle/Bloomberg/Getty Images)

Mamdani has vowed to «permanently eliminate the fare on every city bus and make them faster by rapidly building priority lanes, expanding bus queue-jump signals and dedicated loading zones to keep double parkers out of the way.»

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This proposal would require coordination with the Metropolitan Transportation Authority (MTA). MTA is a state-run agency which the mayor of New York City does not have direct control over. 

According to City & State New York, Mamdani’s free bus fare promise would require an additional expense, possibly more than $700 million. It’s unclear how Mamdani plans to pay for the additional fee.

Raising the minimum wage to $30 by 2030

One of the more ambitious plans is to raise the city’s minimum wage to $30 by 2030. (Adam Gray/Bloomberg/Getty Images)

Additionally, Mamdani has said he wants to raise the minimum wage to $30 an hour in the next four years.

«After that, the minimum wage will automatically increase based on the cost of living and productivity increases,» Mamdani claims on his campaign website. 

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By allowing the City Council to create its own minimum wage law, Mamdani has proposed a way to raise the minimum wage in New York City without the state’s approval. But a state-level increase is unlikely.

Free childcare

It is unclear how Mamdani will finance this specific proposal of free childcare for New Yorkers. (Ryan Murphy/Getty Images)

Mamdani has also campaigned to provide every New York family that has a child up to 5 years old with free childcare. 

It is unclear how he will finance this proposal, which experts estimate could cost billions of dollars annually. 

He has previously floated a tax increase on the wealthiest New Yorkers and corporations to pay for the increased services, which would require state-level approval. 

Freeze the rent

Experts warn that freezing rent for rent-stabilized apartments could drive up costs for other renters. (Michael Nagle/Bloomberg/Getty Images)

Mamdani has pledged to freeze rents for tenants in rent-stabilized apartments and expand affordable housing using city resources.

While a rent freeze may sound like a straightforward fix to New York City’s affordability crisis, housing experts warn it could backfire by discouraging investment and pushing rents higher in non-stabilized units.

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New York Apartment Association CEO Kenny Burgos said the policy could deter developers. «I don’t know any investor or builder who would want to build in a city where the mayor is threatening to cap revenues,» Burgos told FOX Business.

Ed Elson, a business analyst and co-host of the «Prof G Markets» podcast, echoed that concern, saying rent freezes undermine supply. «Paradoxically, they disincentivize construction, which causes rents elsewhere to rise,» he said, calling the policy «too good to be true.»

Taxing corporations and NYC’s 1%

Mamdani has floated taxing the wealthiest New Yorkers to help finance some of his economic agenda. (Michael Nagle/Bloomberg/Getty Images)

Mamdani said he would fund his programs through a «revenue plan» that would «raise the corporate tax rate to match New Jersey’s 11.5%, bringing in $5 billion. And he will tax the wealthiest 1% of New Yorkers, those earning above $1 million annually, a flat 2% tax.»

While Mamdani has certainly done the math, a plan like this requires approval from the state legislature and the signature of the governor. 

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New York Gov. Kathy Hochul has voiced her opposition to tax hikes, which could create some hurdles for Mamdani’s marquee campaign promise.

FOX Business’ Daniella Genovese contributed to this report.

A University of Alabama student reportedly suffered multiple skull fractures and other injuries after he fell while on vacation with his family in the Caribbean. 

A GoFundMe page set up for Matthew Polaski and his family reads, «What should have been a joyful time together quickly became every parent’s worst nightmare.» 

«Mike, Steph, Matthew, and Evan were on a family vacation in the Dominican Republic during the holidays while Matthew was home on winter break from his freshman year at the University of Alabama,» the GoFundMe page added.  

«On December 28th, Matthew suffered a severe head injury after a fall. He was rushed to a local hospital where doctors performed emergency surgery to relieve swelling on his brain and save his life. He remains in critical care and was placed in a medically induced coma,» it continued. «Once stabilized, Matthew was transported by international medical flight to Miami, where his treatment continues.»

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The circumstances of the fall were not immediately clear. Fox News Digital also has reached out to the University of Alabama for comment. 

The GoFundMe describes Polaski as a «hardworking, respectful young man with a deep passion for gymnastics.» 

«He recently began his college journey at Alabama, joined Sigma Pi fraternity, and has his whole future ahead of him. Mike and Steph have always been unwavering in their support — traveling to countless meets, tournaments, and college visits to help Matthew pursue his dreams,» it added.

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Matthew Polaski was vacationing with his family in the Dominican Republic when he suffered the fall, the GoFundMe page said. (iStock)

An update posted Wednesday on the GoFundMe page described how Matthew Polaski suffered «skull fractures, fractured pelvis and lower back vertebrate fractures.» 

«They reduced sedation and checked motor responses, both arms and legs responded on chest stimulation, another good early sign. Much is still being determined with mostly with the head injury for unknowns,» the update added. «Probably the most emotional update as a parent, Matthew started motion on his own, opened his mouth, and squeezed Steph’s hand in responses. I can’t imagine how many tears Steph had in that moment.» 

The Robbinsville Police Department in New Jersey said Matthew’s father used to be its chief.

The GoFundMe page said Matthew Polaski’s medical bills in the Dominican Republic have reached nearly $75,000. 

Polaski is a first-year student student at the University of Alabama, according to the GoFundMe page. (Getty Images)

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«International medical transport costs alone are estimated between $35,000 and $55,000. Unfortunately, insurance provides very limited coverage for international medical care, and even with insurance, medical expenses in the U.S. add up quickly. This is only the beginning,» it said. 

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