The irony of the New York situation is that the people Mamdani claims to be helping or rather the people he claims to want to help are the people that he will harm the most. The rent control that was placed in 2015 already has made it harder for the poorer New Yorkers to afford housing. The combination of that and Mamdani's price controls will worsen the quality of living in the city. The increased minimum wage will make unskilled workers unemployable especially if it is increased as dramatically as to $30. The reason the poorest New Yorkers are the poorest is because they are generally unskilled laborers and unskilled labor is worth the lowest price. Business owners will and don't want to pay the price of skilled work to only receive unskilled work.
This is a great takeaway. I find it hard to grasp how so many people can genuinely think that these will help their life or the economy around them. It seems as though the people are unaware of the effects that these mandates have on the economy. Also, what strikes me most is that this is occurring in a city of amazing business activity! For me, it seems like common sense that promises of higher pay and lower rent must come with a cost. Maybe the people of New York are content with that cost though. Besides my confusion, I like the points that you made and the relation to the authors points that you stated.
Pointing out the authors point about the irony of the situation; your right, the increase in minimum wage and rent control is just not going to help anyone beside the politician stay in power, let alone the people who are struggling finically.
Exactly! Great examination of the irony and craziness happening in New York. I completely agree.