Zohran Mamdani, the Democratic Socialist assemblyman-turned-mayoral candidate, is betting big on a radical economic overhaul that critics say would send New York’s already shrinking tax base into full-blown collapse, a New York Post report warns.

His $10 billion blueprint for taxpayer-funded giveaways — including free public buses, universal childcare, a citywide rent freeze, and even government-run grocery stores — relies on a punishing series of tax hikes targeting corporations and the wealthy. And business leaders are sounding the alarm.

“This is being proposed at a time when people and their income are leaving New York State and New York City in particular,” a spokesperson for the Business Council of New York State warned Thursday. “This would only add to that exodus and further erode our tax base.”

Mamdani’s plan, which would hike the city’s corporate tax rate from 7.25% to a crippling 11.5% and slap a 2% flat tax on high earners, is being billed as the financial engine for his so-called “progressive paradise.” But experts say it’s a recipe for economic disaster.

Kathryn Wylde, CEO of the Partnership for New York City, minced no words: “Mamdani is following a well-worn political mantra that argues for more government spending as the solution to every problem and expecting that taxes on business and the wealthy can be infinitely expanded. This may get someone elected, but once in office they bump into reality.”

And that reality is grim: New York City’s debt is already projected to hit $99.4 billion by July and continue rising. Mamdani’s proposals — including tripling the $30 billion housing capital budget — would blow past any realistic funding limit. His plan to create a “Department of Community Safety,” piloting socialist-style city-run supermarkets, and providing universal childcare would alone consume more than his estimated new tax revenue.

Critics say Mamdani’s budget math simply doesn’t add up. Universal childcare could cost $5 billion to $7 billion, while free bus service would slash $900 million annually from MTA revenue. The new Department of Community Safety comes with a $450 million price tag. City-run grocery stores would tack on another $60 million. Combined, his initiatives exceed projected revenues — even assuming zero economic fallout from his tax hikes.

Even former Democratic Gov. David Paterson couldn’t hide his skepticism.

“He articulates his points very well, and they make sense. You understand exactly what he’s saying,” Paterson told Politico. “The problem is: Nobody told him there’s no such thing as Santa Claus.”

Mamdani’s proposals would require approval not just from a wary Albany legislature but from Gov. Kathy Hochul — who has consistently vowed not to raise income taxes. Without their backing, the socialist dream dies on arrival.

Still, Mamdani’s campaign is gaining momentum, especially among far-left voters who see his platform as a bold challenge to the status quo. But as businesses eye the exits and city revenues dry up, the cost of his vision may fall squarely on the shoulders of the working New Yorkers he claims to champion.

(YWN World Headquarters – NYC)