IT WAS MY UNDERSTANDING THAT THERE WOULD BE NO MATH: Mamdani’s government grocery stores plan is based on an accounting error.
Here are the hard numbers: All in all, the city has given up about $30 million in tax revenue through this program. In the last six years, since FRESH got into full swing, the program has reduced revenue by about $20 million total, according to the city’s estimates. That is, it costs an average of $3.3 million per year. So, this program would take 42 years to cost the city the $140 million that Mamdani says “the city is set to spend” on it.
So why does Mamdani use that $140 million number?
He misread the city’s webpage.
The city’s Economic Development Corporation estimates that grocery stores have invested $140 million of their own money thanks to the FRESH program. Mamdani is counting the $140 million in private spending as government spending.
Was it over when the Germans bombed the 54th Street D’Agostino’s? Forget it, he’s rolling.
Related: From Glenn in the New York Post: Mamdani’s grocery scheme is foolish — but there’s method to the madness.