Zohran Mamdani, the leading candidate for mayor, has introduced a “savings calculator” aimed at estimating the financial relief New Yorkers might experience if he is elected. However, his opponents have criticized the calculator for relying on unrealistic calculations.
The ambitious socialist’s tool centers around three key aspects of his affordability agenda: a rent freeze on rent-stabilized apartments, free bus fares, and universal child care. Achieving these goals would require the cooperation of state officials.
“With a mere wave of his wand, the Wizard of Zohran produces imaginary savings that simply aren’t there. New Yorkers are intelligent and seek solid plans, not gimmicks,” remarked GOP contender Curtis Sliwa in his statement.
The potentially flawed calculator prompts users who reside in rent-stabilized housing to enter their rent amount. It then calculates potential savings by multiplying this figure by approximately 3.24%, a figure Mamdani’s team claims reflects the average increase recommended by the Rent Guidelines Board since 2000.
Notably, this average does not appear to account for the minimal rent hikes during the administration of former Mayor Bill de Blasio.
The projected rent savings are then categorized over the new mayor’s first term, which spans the next four years. The bus fare calculations are based on an expected charge of $3 next year, multiplied by the average number of trips a commuter makes. For child care, the estimated savings are derived from the number of children under five a resident has, multiplied by $22,000, an amount deemed the average cost of child care based on various metrics.
The total savings from each component of the agenda are aggregated by the calculator.
Former Governor Andrew Cuomo has also criticized the calculations, asserting that many renters in New York would not benefit from the proposed savings Mamdani advertises.
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“Choosing the subway over the bus means you save nothing at all, and if your children are older than five, your savings are nonexistent,” said a spokesperson for Cuomo’s campaign, emphasizing their point that Mamdani’s platform relies heavily on catchy slogans lacking genuine solutions for New Yorkers.
Mamdani has been persistently questioned about how he intends to fund his proposed initiatives, as many of them exceed the mayor’s jurisdiction.
“In an ideal world, all of Mamdani’s proposals could become reality with a single decision from the mayor, but most of his desired outcomes actually require approval from higher levels of government,” noted Democratic consultant Jake Dilemani.
Bus fares are set by the state-run Metropolitan Transportation Authority, although the mayor appoints some of its board members.
To significantly enhance universal child care access, Mamdani would likely need to push for increased taxes on affluent residents and corporations—a proposal that would necessitate the endorsement of state lawmakers and Governor Kathy Hochul.
The regulation of rent adjustments affects approximately 1 million units, under the jurisdiction of the Rent Guidelines Board, whose members Mamdani gets to appoint.
