Get all your news in one place.
100's of premium titles.
One app.
Start reading
Fortune
Fortune
Shawn Tully

Basic economics show why Mamdani's socialist grocery stores in NYC are destined to fail

(Credit: Photo by Spencer Platt/Getty Images)

Zohran Mamdani stormed into office brandishing the banner of “affordability,” and almost singlehandedly pushed the issue to the center of today’s political debate. Of all the charismatic, 34-year-old Mayor’s initiatives aimed at lowering living costs, the one that’s garnered the most coverage is his proposal to get Gotham into the grocery business.

The city-owned food store initiative looks so radical, even for this avowed democratic socialist, because it puts a city in direct competition versus an immense, entrenched private industry. On his other big “affordability” campaigns, providing free bus service and freezing rent on one million apartments, Mamdani’s simply using his regulatory and budget powers in the Democratic mayors’ traditional vein of tightening price controls on housing and delivering more freebees

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.