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And those stipulations are often racist, rooted in austerity, and demand gutting of social welfare. We wrote about it here this morning. https://t.co/oxgzKMyemE

Many of the difficulties Brandon Johnson faced in Chicago will occur in NYC and just about every municipality, and it all stems from one problem — Wall Street has a grip on city's "public" money because the loans to build things (parks/roads/housing) come with stipulations.

We talk more about Zohran, the 1975 fiscal crisis in New York City, and how it relates to political fights in Chicago, here: https://t.co/oxgzKMxGx6

Mamdani will face a common threat other lefty mayors have: debt from Wall Street and the strings that come with it. This structural challenge, addressed head on by campaigns like #CancelWallStreet, could prove to be even more difficult than winning an unthinkable race.

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Before tax revenue can be spent on public programs like rent control or free transit, the city must first pay back Wall Street. That means private financiers effectively hold veto power over social policy. They get to decide what governments can and can’t provide to their people.

This market allows cities to access credit while investors buy bonds and collect tax-free interest. So, even though we may think of these projects as “public,” Wall Street is deeply entangled in them.

Like all state and local governments in the United States, New York City funds its public infrastructure and social programs by borrowing from the municipal bond market, a system worth more than $4 trillion.

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Municipalities must too borrow money they do not have if they want to spend more than they tax. So what does that mean? Cities are forced to borrow from Wall Street to do nearly everything — from building parks to staffing libraries to patching roads.

This may sound basic, but it’s worth repeating. The federal government prints its own dollars — it doesn’t need to borrow from anyone to function (despite currently not functioning). Cities, on the other hand, cannot print their own dollars.

Zohran Mamdani, a self-identified democratic socialist, has done the impossible by winning a powerful executive seat in the backyard of billionaires. But now, he has an even bigger task at hand: debt.

Mamdani pulled together a diverse coalition of voters on a political message of economic populism and affordability. But it's not just Albany who may stand in Zohran's way—it's also Wall Street. Some thoughts on Wall Street's grip on municipal finance. https://t.co/oxgzKMxGx6

Bread lines *are* a real thing right now because nobody has their fucking SNAP benefits you maniacal clown

We’re going to tax the ultra-wealthy.

ARREST BENJAMIN NETANYAHU

People want a political message of affordability.

Good morning, everyone.

nobody can afford a home and it costs half a mil to go to the hospital so yeah this makes sense

Tenants across Los Angeles deal with these expensive, confusing bills and it’s time for more tenants to organize RUBS strikes and fight! If you have RUBS, you can go on strike too.

Recently, rather than meet with tenants, EQR has been ripping signs demanding answers off tenants’ doors and issuing lease violation notices. But the TA is continuing the strike and adding new tenants to it each month!