It Could Happen Here The Challenges Facing the Mamdani Administration
Nov 17, 2025
Mia explores the intricate challenges facing newly elected Zohran Mamdani, emphasizing that electing a mayor is just the beginning. She delves into how the bond market restricts city funding and the historical risks of bond crises. The podcast discusses the necessity for state cooperation, especially with Governor Hochul's hesitations on key policies like free buses. Mia also highlights the obstacles posed by police culture and advocates for grassroots organizing to empower progressive reforms amidst systemic constraints.
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Bond Market Controls City Funding
- City governments must use the bond market to fund large projects and cannot print their own currency.
- That reliance gives Wall Street power to block or extract concessions from municipal agendas.
Debt Servicing Cannibalizes City Budgets
- Even if a city raises taxes, much revenue can be diverted to service existing debt because of bond structures.
- That dynamic can force governments to cut services despite higher revenue.
1975 NYC Bond Crisis Example
- Mia describes New York City's 1975 bond crisis when banks refused to buy bonds and federal help was denied.
- The city briefly lost services and had to accept outside oversight that dismantled parts of its welfare state.
