Mamdani’s tax-and-spend plans leave NYC bond investors leery
NY Post
At the start of his term in January, Mayor Mamdani had the Big Apple’s lenders in his corner — despite his plans to remake the Big Apple economy under his socialist agenda.
Now that appears to be changing fast, as municipal bond investors have begun to sell New York City debt, with prices falling and interest rates — the so-called yields — spiking to their highest levels in months.
To be sure, lots of factors are at play here, not least the Iran war that’s hitting bonds across the board.
But there’s also an unmistakable worry about Mamdani’s plans to unleash spending and raise taxes, which could spur yet more jobs and taxpayers to flee Gotham and the Empire State.
Investors in NYC bonds aren’t likely to be big supporters of socialism, of course.
Theirs is a financial incentive: If you live in NYC and are among those who hold the roughly $100 billion (and growing) in city debt, your returns are triple tax-free.
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