Connect with us

Northeast

Mamdani’s rent freeze, tax hikes a ‘one-two wealth destruction punch,’ economists warn

Published

on

Mamdani’s rent freeze, tax hikes a ‘one-two wealth destruction punch,’ economists warn

NEWYou can now listen to Fox News articles!

New Yorkers could be facing a “one-two wealth destruction punch” if Mayor Zohran Mamdani’s rent freeze and tax hikes take effect, economists warn.

Mamdani’s housing plan, a campaign promise aimed at addressing affordability, includes an immediate freeze on roughly 2 million rent-stabilized apartments. Separately, his broader $127 billion budget agenda calls for higher taxes on wealthy residents and corporations, as well as a potential 9.5% property tax increase if state lawmakers decline to act.

In the nation’s largest city and a global financial center, the outcome of Mamdani’s proposals could shape not only the future of New York’s housing market, but also broader debates over regulation, taxation and urban policy.

New York City Mayor Zohran Mamdani placed affordability at the center of his campaign to lead the nation’s largest city. (Angelina Katsanis/AFP/Getty Images)

Advertisement

Edward Pinto, senior fellow and co-director of the AEI Housing Center at the American Enterprise Institute, said capping rent increases while raising property taxes would pressure landlords from both directions, reducing revenue while increasing expenses.

“This would be a one-two wealth destruction punch,” Pinto told Fox News Digital. “The rent freeze would drive multifamily property values down and the increase in property taxes would drive both multifamily and single-family values down,” he said.

That, he warned, could ripple across the housing market, affecting not only landlords, but also homeowners whose property values are tied to broader market conditions. He also said the policies could discourage new housing construction and lead landlords to defer repairs and improvements.

“At the same time, the construction of new supply would contract, and property upkeep would diminish as repairs are deferred and improvements are not made,” Pinto said.

CONSERVATIVE STATES SEE LOWER INFLATION THAN LIBERAL ONES NATIONWIDE, WHITE HOUSE DATA SHOWS

Advertisement

Economists warn that Mamdani’s housing proposal will exacerbate affordability issues in the nation’s largest city. (Spencer Platt/Getty Images)

Expanding on that argument, E.J. Antoni, chief economist at the Heritage Foundation, said the risks extend beyond property values and could ultimately reduce the city’s housing supply.

“Economists — whether they are on the right or on the left — essentially are in universal agreement, that when the government implements price controls in the rental market, you end up with housing shortages,” Antoni told Fox News Digital.

“And not only do you end up with fewer housing units available, but the quality of those units consistently goes down as well,” he added.

Emily Hamilton, the director of the Urbanity Project at George Mason University’s Mercatus Center, echoed similar concerns with Mamdani’s housing policy platform.

Advertisement

“It’s going to exacerbate the city’s housing quality problems that the current rent stabilization law is already exacerbating. A rent freeze would just make that worse, and ultimately will contribute to the reduction in the supply of rent-stabilized units,” she said.

Mamdani, who made lowering costs for New Yorkers a cornerstone of his campaign, has also proposed building 200,000 affordable rental units. Hamilton said that portion of the proposal could be more promising.

FROM FREE BUSES TO CITY-OWNED GROCERY STORES, HERE ARE MAMDANI’S KEY ECONOMIC PROMISES

With billions of dollars and millions of renters at stake, the outcome of Mamdani’s plan could shape New York City’s property landscape for years to come. (Spencer Platt/Getty Images)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

She explained that the passage of the 1961 Zoning Resolution made it difficult to add real estate in New York City, which contributed to an affordability problem and a push to regulate rents. 

“It’s regulation on top of regulation, rather than addressing the root cause of housing undersupply and just making it easier to build housing of all types at all price points,” Hamilton said.

Mamdani’s office did not reach out to Fox News Digital’s request for comment.

With billions of dollars and millions of renters at stake, the outcome of the debate could shape the city’s property landscape for years to come.

Advertisement

Related Article

Mamdani plan pours millions into ‘racial equity’ offices and six-figure diversity jobs, cuts 5,000 NYPD jobs

Read the full article from Here

Boston, MA

Editorial: With Boston’s World Cup win, could we host Olympics?

Published

on

Editorial: With Boston’s World Cup win, could we host Olympics?


The World Cup economic windfall boosting Boston gives rise to a question: Could the Hub host the Olympics?

Certainly Bostonians have more than risen to the occasion in terms of welcoming international visitors to our city and showing them a good time (and vice versa, Tartan Army). But it takes more than great hosts and a convivial atmosphere to pull off an epic sporting event.

It takes money, lots of it, political transparency, and a process open to public scrutiny and feedback. In other words, no, we couldn’t.

Public reception to the 2014 Olympics bid was tepid at best, as it would entail multiple construction projects. And when big construction projects are presented in Boston, taxpayers get suspicious. Big Dig, anyone?

Advertisement

Boston 24 announced it estimated the Games would produce at least $4.8 billion in revenues from television broadcast rights, ticket sales, corporate sponsorships and other revenues, the Associated Press reported. They assumed nearly $4.6 billion in costs, including $176 million for a temporary Olympic Stadium, $90 million for the athletes’ village, about $754 million to build other Olympic venues and another $132 million to rent other locations.

They reportedly announced all this to answer critics who said the privately funded Boston 2024 withheld details of the bid to prevent the public from assessing whether the Games could be staged, as promised, without the need for taxpayer money.

We learned the answer to that soon enough.

In this case, as the Herald reported that year, details from Boston 2024’s so-called bid book indicated that plans sent to the U.S. Olympic Committee called for the Hub to fund “land acquisition and infrastructure costs” at Widett Circle, where a temporary Olympic stadium was being proposed. It came after months of promises that the group planned to run a privately funded Olympics.

“They’ve been saying for months, ‘No taxpayer (money),’ ” said Evan Falchuk, a vocal bid critic who pushed for a statewide ballot question on hosting the games. “Then you read what they told the USOC. … It’s a devastating blow to their credibility. There’s a reason why voters don’t trust what they’ve heard and (Boston 2024 has) got a lot of work to do to earn that trust.”

Advertisement

And all this talk of money came before any cost overruns made an appearance. London’s budget for the 2012 Summer Games escalated by about 300%, ending somewhere in the $14 billion range. What were the chances we’d fare any better?

No wonder Bostonians gave the Olympics idea the cold shoulder.

But what of the city’s World Cup success story? For starters, Gillette Stadium is already built, and the only large element requiring a cash infusion was the MBTA, which shelled out $35 million to upgrade Foxboro Station in advance of the Cup. They’ll make a nice chunk of that back, as the T spiked round-trip Commuter Rail ticket prices between South Station and Gillette Stadium for fútbol fans to $80.

In this case, Bostonians are on the winning side, reaping benefits from free-spending (and thirsty) visitors, and reveling in the good vibes.

It would be great for the city if megaprojects, or even minor ones, came with the guarantee of financial transparency before shovels hit the dirt. Optimists should look at White Stadium before calling it a day.

Advertisement
Editorial cartoon by Gary Varvel (Creators Syndicate)

 



Source link

Continue Reading

Pittsburg, PA

Pittsburgh among best U.S. cities in 2026 rankings. Here’s why

Published

on

Pittsburgh among best U.S. cities in 2026 rankings. Here’s why


Pittsburgh ranks among the top 25 best places to live, work and visit in the U.S., according to a new report.

The 2026 “America’s Best Cities” report from Resonance, an international business consulting company, ranks the top 100 U.S. metro areas overall based on factors such as economic data, quality of living and public perception. Pittsburgh scored in the top quarter of cities nationwide.

Here’s a breakdown of how Pittsburgh ranks.

Advertisement

Pittsburgh ranks among top U.S. cities

Overall, Pittsburgh scored at No. 25 among U.S. cities.

Top-scoring cities almost all “made the visitor and resident experience a strategic priority,” according to the report. Rankings were also further broken down based on each key scoring components.

Pittsburgh has put a focus on its cultural amenities and food scene, as well as in revitalizing its neighborhoods, the report noted. While other similarly sized cities in the ranking have fallen, Pittsburgh climbed by five spots in 2026.

Pittsburgh among best cities for livability

Pittsburgh scored at No. 24 among U.S. cities for its livability.

Advertisement

The report’s livability scores were ranked in accordance to the quality of daily life in a city based on factors such as walkability, transit access, air quality, climate risk, green space, housing costs relative to income, broadband connectivity, healthcare access and life expectancy, as well as if the location is somewhere people would want to live.

Pittsburgh ranks in top 30 cities for lovability, prosperity

Pittsburgh ranked among the top 30 U.S. cities for both its lovability and its prosperity, scoring at No. 26 for lovability and No. 28 for prosperity.

Lovability was scored based on factors like the quality and quantity of venues such as restaurants, arts and entertainment sites, museums, outdoor experiences and nightlife. Digital data such as search trends, social media activity and other user-generated content was also considered.

Advertisement

Prosperity rankings were based on factors such as gross domestic product per capita, labor force participation, innovation capital intensity, educational attainment, unemployment and poverty rates, the presence of major corporate headquarters, university quality and the number of direct air connections.

Philadelphia ranked just a few spots above Pittsburgh at No. 20 overall.

Top 10 cities in 2026 ‘Best Cities’ ranking

The top 10 cities in the ranking are:

  1. New York, NY
  2. Los Angeles, CA
  3. Chicago, IL
  4. Miami, FL
  5. San Francisco, CA
  6. Seattle, WA
  7. Las Vegas, NV
  8. Dallas, TX
  9. Houston, TX
  10. Boston, MA

Finch Walker is the Pittsburgh Connect Reporter for the USA TODAY Network. Contact Walker at FWalker@usatodayco.com. Instagram: @finchwalker_. X: @_finchwalker.





Source link

Advertisement
Continue Reading

Connecticut

Report: CT schools among the most segregated in the U.S.

Published

on

Report: CT schools among the most segregated in the U.S.


A nationwide study released Monday by Brown’s Promise and The Segregation Tracking Project identified Connecticut as one of the most segregated states in the country.

The study used data from the 2023-24 school year, the latest available, to measure both economic and racial segregation in each state. Researchers found Connecticut had the sixth-highest level of economic segregation and 11th-highest level of racial segregation in the U.S. It also ranked third-worst for “poverty packing,” the practice of cramming low-income students into specific districts while higher-income students attend school just across district lines.

According to those results, Connecticut in 2024 was more segregated than Alabama, home of the famous Montgomery bus boycott, or Kansas, the point of origin for Brown v. Board of Education. The numbers remain high despite a slight overall reduction in both racial and economic segregation in the Nutmeg State over the past decade.

Advertisement

Nationally, researchers said, the results reflect a troubling long-term trend: Seventy years after Brown, school segregation remains high, and little to no progress has been made in reducing it.

“This should be a wake-up call for education leaders and advocates in every state, even those with top-ranked public schools,” said Ann Owens, a sociology professor at UCLA and co-leader of the Segregation Tracking Project.

Interpreting the numbers

The study scored states according to a “segregation” index, or a number representing how student enrollment is balanced around race and income. A score of 0 means no segregation — individual schools reflect their state’s overall demographics perfectly. Conversely, a score of 1 means students of a particular demographic are only exposed to other members of that demographic in their schools — complete segregation.

Connecticut’s racial segregation index of 0.42 indicates that, on average, white students attend schools 42% whiter than schools attended by non-white students. In other words, white students are concentrated with other white students, disproportionate to state’s overall demographics — a sign of strong segregation.

Although the state’s racial segregation index steadily decreased from the late 1990s to the mid-2010s, it has plateaued over the past decade.

Advertisement

“I would hypothesize that demographic changes and student assignment policies play a role,” Owens said. “[The] expansion of charter schools, expiration of mandatory desegregation orders, reduced commitment to integration policies — all could explain stalled progress.”

The state’s immediate neighbors also showed high levels of segregation, with New York topping the list for racial segregation. The northernmost New England states fared better, with Vermont in particular standing out for having extremely low levels of both racial and economic segregation. However, Owens noted that it’s possible this is more a product of lower population density than a particular set of policies to encourage integration.

Less dense places often have fewer schools, creating fewer opportunities to segregate, Owens said.

“More choice — whether it’s a state carved up into more, smaller districts or more school options within a district — tends to lead to segregation,” she said.

And, she added, if low-scoring states like Vermont are less diverse, it could obscure segregating behaviors like white avoidance.

Advertisement

Segregation is not a new conversation in CT

Sen. Doug McCrory, D-Hartford, said nothing in the report came as a surprise to him.

“Living in Connecticut all my life, we already know … we have some of the most segregated schools in the country,” said McCrory, who co-chairs the General Assembly’s Education Committee.

McCrory said he doesn’t think the state ever responded appropriately to the principles set forth in Brown v. Board of Education. There have been efforts to integrate, but those have been voluntary — and, judging by the numbers, insufficient.

“People don’t decide to place their children in a, quote-unquote, integrated setting. They’re not required to, so we have what we continue to have today,” McCrory said.

Connecticut Association of Public School Superintendents Executive Director Fran Rabinowitz said she also wasn’t surprised about the results of the report. Part of the issue, she said, is that the state has a different school district for each town.

Advertisement

“We’re not regionalized in any way, shape or form, which many states are,” Rabinowitz said. “You pull together maybe seven or eight or 10 of those districts … you would certainly cut down” on the lack of integration.

But both Rabinowitz and McCrory said that idea has proven politically radioactive in Connecticut.

“Those conversations get shut down immediately,” McCrory said. “This is a Connecticut issue where people just feel their local rights will be hampered if you have to work in a collaborative space … If you bring in the concept of race and income, it gets even more complicated.”

Rabinowitz said she remembers a 2019 effort by the General Assembly to merge the Norwalk and Wilton school districts. It did not go over well.

To address segregation, Connecticut has instead favored policies to promote voluntary integration, as in the landmark Sheff v. O’Neill case. In Sheff, the state Supreme Court found that predominantly Black and Hispanic students living in Hartford enjoyed far fewer educational resources and opportunities than their white peers in neighboring towns. The case led to the creation of a new magnet school system to encourage voluntary integration across district lines. 

Advertisement

As it happens, Brown’s Promise cites the Sheff agreement as an example of a potential policy solution to segregation nationwide. However, the organization also acknowledges the drawbacks of Sheff: namely, that there aren’t enough seats for every student to attend the school of their choice, and that Hartford’s neighborhood schools — which still serve hundreds of students each — remain severely under-resourced.

The way to avoid that, the organization suggests, is “to instead redraw district lines altogether.” But that would mean imposing the very regionalization Connecticut residents so vehemently oppose.

Rabinowitz said one possible remedy to segregation is the effort in Connecticut to build more affordable housing. In theory, that will bring more lower-income residents to wealthier areas, increasing economic diversity.

There is another strategy that recently received strong bipartisan support: Increasing state funding for schools that can’t get what they need through local property taxes. Both Democrats and Republicans pushed for that in the recent legislative session, resulting in a school funding boost of about $192 million (though many feel schools are owed around $800 million). 

In theory, state money can reduce the resource gap between the wealthiest and least wealthy districts. That’s why it’s also one of the solutions to segregation that Brown’s Promise proposes. The organization argues enhanced state-level funding dramatically increases resources for underserved students and makes their schools look more attractive.

Advertisement

But although McCrory said he supports increasing state funding for Connecticut schools, he’s not optimistic that this alone would promote integration.

“We tried multiple times to direct more resources into those communities [that are] financially behind. That doesn’t always equate to better outcomes for students,” McCrory said.

Rabinowitz, who spent much of her career working in Bridgeport and served as the district’s superintendent, disagreed.

“Yeah, you know, they increased the funding, but it never was enough,” Rabinowitz said. “It was never the amount of funding that was predictable and enough to let me lower class size and provide reading interventionists and to provide behavior interventionists, et cetera.”

Rabinowitz said many teachers who left the district told her they weren’t doing so for a better salary elsewhere.

Advertisement

“They were leaving because I did not have the systems in place to make them feel successful. And they were right. I didn’t, because I didn’t have the resources,” Rabinowitz said.

She said she’s hopeful that Gov. Ned Lamont’s Blue Ribbon Commission on K-12 Education Funding and Affordability will lead to meaningful reforms.

“More than 40 years ago, I was fighting the same battles. And I hope that before I finish my career, we can have a significant impact,” Rabinowitz said. “And I do believe this funding commission might be significant. I’m hoping it is.”

This <a target=”_blank” href=”https://ctmirror.org/2026/06/23/report-ct-schools-among-the-most-segregated-in-the-u-s/”>article</a> first appeared on <a target=”_blank” href=”https://ctmirror.org”>CT Mirror</a> and is republished here under a <a target=”_blank” href=”https://creativecommons.org/licenses/by-nd/4.0/”>Creative Commons Attribution-NoDerivatives 4.0 International License</a>.<img src=”https://ctmirror.org/wp-content/uploads/2023/02/cropped-CTMirror_bug_rgb-180×180.jpg” style=”width:1em;height:1em;margin-left:10px;”>

<img id=”republication-tracker-tool-source” src=”https://ctmirror.org/?republication-pixel=true&post=1172085&amp;ga4=G-9GVNVL530Q” style=”width:1px;height:1px;”><script> PARSELY = { autotrack: false, onload: function() { PARSELY.beacon.trackPageView({ url: “https://ctmirror.org/2026/06/23/report-ct-schools-among-the-most-segregated-in-the-u-s/”, urlref: window.location.href }); } } </script> <script id=”parsely-cfg” src=”//cdn.parsely.com/keys/ctmirror.org/p.js”></script>

Advertisement



Source link

Continue Reading
Advertisement

Trending