Zohran Mamdani vowed to “govern audaciously and expansively” mere hours after taking oath to fund ambitious programs ranging from free child care to city-run grocery stores. But his plans will hinge on increased taxation of billionaires and major corporations. And while thousands chanted about ‘taxing the rich’ during his inauguration ceremony, rich are (somewhat understandably) unhappy about the situation.
Analysts estimate that the policies Mamdani is hoping to introduce will cost the city approximately $10 billion. The money raised from taxing billionaires would provide funding for free child care, free buses, a rent freeze for roughly one million households, and city-run grocery stores. It also requires legislature that the Mayor of New York simply cannot pass on his own — requiring the aid of somewhat shaky Democratic ally and NY Governor Kathy Hochul. Mamdani will also have to navigate interactions with US President Donald Trump (although their first in-person meeting had included a striking bonhomie) during his term in office.
The 34-year-old democratic socialist believes that in the world’s richest city, taxing the wealthy is not radical — it’s necessary to help working New Yorkers. Just hours after the ceremony, he revoked all executive orders signed by former mayor Eric Adams after September 26, 2024, including the adoption of the International Holocaust Remembrance Alliance (IHRA) definition of antisemitism.
Taxing the wealthy
Mamdani has announced plans to tax the rich to fund city programs — a move that was soundly endorsed by Senator Bernie Sanders. He has also insisted that wealthy individuals and corporations should contribute more to basic services for all.
“In the richest country in the history of the world, making sure that people can live in affordable housing is not radical. It is the right and decent thing to do,” Sanders said while administering the oath.
‘We will govern boldly’
Mamdani said some advisers had urged him to lower expectations for his term. He made it clear he would not do that. “I will do no such thing,” he said. “The only thing I want to reset is the idea of small expectations.” During his inauguration, Mamdani said, “Beginning today, we will govern expansively and audaciously.
We may not always succeed, but never will we be accused of lacking the courage to try.”He vowed to use City Hall’s power to help New Yorkers, particularly those struggling with high costs of living.
Free child care for families
Mamdani pledged free child care citywide, saying, “Every parent should be able to work or study without worrying about the cost of taking care of their children.”
Free public transportation
He promised free bus rides for all New Yorkers. “No one should have to pay to get to school, work, or appointments. Transportation is a right, not a luxury,” he said. The move is aimed especially at low-income workers who rely on public transit daily.
Rent freeze for one million households
To ease housing pressures, Mamdani announced a rent freeze for roughly one million households. “Rent should not make life impossible. Families need security in their homes,” he said.
City-run grocery stores
Mamdani wants to launch city-run grocery stores to make food more affordable. “Food is essential. No one should pay more than they have to for healthy meals,” he said, targeting neighbourhoods where grocery prices are high and options are limited.
Fighting inequality and supporting workers
Mamdani reaffirmed his democratic socialist values, promising to use City Hall’s power to support working-class New Yorkers, from steel-toed workers to food vendors and cooks. He vowed not to step back from the label that helped define his campaign. “I was elected as a democratic socialist, and I will govern as a democratic socialist,” he said, drawing loud cheers from the crowd. “I will not abandon my principles just because someone calls them radical.”
Safety and affordable housing
He pledged to continue crime reduction programs while making affordable housing accessible to those who need it most. “We will not shy away from using City Hall’s power to protect and provide for New Yorkers,” he said.
In 2025, the city recorded 301 homicides, down 79 from the previous year. According to reports, police seized around 25,000 illegal guns off the streets over four years and reduced drive-by shootings by more than half.
Challenges ahead
The cost of Mamdani’s ambitious agenda is estimated at $10 billion, which will require legislative support from Governor Kathy Hochul. He also has to deal with Donald Trump, who has called him a “communist” and threatened to cut federal funding to the city. At the same time, Mamdani has made efforts to maintain continuity, keeping police commissioner Jessica Tisch in her position.
Mamdani and his wife, Rama Duwaji, a 28-year-old animator, will move from their Astoria apartment to the historic Gracie Mansion on Manhattan’s Upper East Side.
