Whoever is elected New York City mayor in November, Zohran Mamdani’s impressive win this week in the Democratic mayoral primary marks a breaking point in the party, the city and US society as a whole.
New York, where my family settled 120 years ago, is special. It is America’s capital of intellect, art and, most importantly, capitalism. New York’s financial elite have largely tolerated the ‘progressive’ excesses of the Democrats in recent years, but the prospect of a self-described ‘socialist’ running the city may be a bridge too far. We can expect them to renounce the Democrats altogether or join the mass migration south.
Yet while the financial elites might be reeling from the result, Mamdani’s win was no working-class uprising or revolt of the lower orders. His main rival, former New York state governor Andrew Cuomo, did best in heavily black and ethnic white enclaves, many of them quasi-suburban, as well as some elite precincts in Manhattan. Mamdani won most convincingly in the far-from-impoverished hipster belts of Brooklyn, Queens, the Upper East Side and Lower Manhattan. These precincts now dominate a Democratic Party once driven by white ethnics and working-class African Americans.
The key element here is the younger, mostly white, economically marginalised new proletariat – sometimes called the ‘precariat’. They are most lured by Mamdani’s propositions like frozen rents, free buses and childcare – all funded by higher taxes on the wealthy. Their angst reflects the realities of today’s New York, which works for the wealthy elites but suffers very high levels of inequality. Job growth has been weak and concentrated in low-wage sectors like hospitality and tourism. While incomes for most have stagnated, housing costs have not – rising to record levels this year.
The New York these young people have inherited is no longer the epicentre of economic opportunity. It flourishes largely as a hub for trustafarians, top-tier professionals, globe-trotting elites and cultural creators. While New York’s overall population has declined, the number of ultra-wealthy residents has continued to grow. There’s nothing like the job prospects that earlier generations of New Yorkers had – neither in manufacturing nor in business or financial services.
Read the rest of this piece at: Spiked.
Joel Kotkin is the author of The Coming of Neo-Feudalism: A Warning to the Global Middle Class. He is the Roger Hobbs Presidential Fellow in Urban Futures at Chapman University and and directs the Center for Demographics and Policy there. He is Senior Research Fellow at the Civitas Institute at the University of Texas in Austin. Learn more at joelkotkin.com and follow him on Twitter @joelkotkin.
Photo credit: Bluesky, Zohran's profile.
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