Zohran Mamdani NYC-owned grocery store alarm business leader

Economists and business leaders have warned New York City mayoral candidates Zoran MamdaniThe plan to deploy city-owned grocery stores said it would reduce food costs.

Ryan Bourne, the top economist at the Cato Institute, told Fox Business that “has a government-run store, we won’t lower grocery bills.” “Government-run entities do not have market discipline. They don’t need to make profits, compete, or serve customers efficiently. This leads to bloated costs, empty shelves and accountability,” he added.

Bone Called Mamdani’s urban-run grocery store, “Political hub arrogance,” was the failure to admit that the grocery store operates at the profit margins of competitive arenas and razors.

EJ Antoni warns NYC about Mamdani’s “economically illiterate” policy

“If you just do simple maths here, you won’t be able to make money by selling these products at a lower price,” said Ej Antoni, Chief Economist at the Heritage Foundation.

“The other problem is that if he (Mumdani) sells things significantly more than the private market, everyone wants to go to these grocery stores.

Mamdani, the loser winner of Tuesday’s Democratic mayoral primary, is putting affordable prices at the forefront of a campaign to command America’s biggest cities.

The 33-year-old says public grocery stores will be exempt from rent and property tax payments. This is a move aimed at lowering overhead costs. Other efforts to hand over savings to shoppers include purchasing at wholesale prices, partnerships with local farms on product sourcing and centralization, and distribution of the supply chain.

The Washington Post sabotages socialist Zohran Mamdani as a potential disaster in New York City

The socialist startup says it would cost a total of $60 million to launch one grocery store in five New York City neighborhoods. Mamdani said before He will redirect a $140 million private grocery tax credit to fund the pilot program.

“If the government is trying to make it impossible for the private market to compete, the private market will stop competition. If grocery stores make it unprofitable to do business in Manhattan, people like John Cassimatidis will pull the plug,” Antoni said.

In an interview with Fox Business, Catsimatidis said that retail food is the toughest company in the Red Apple Group portfolio, and includes real estate, energy and insurance assets.

“If New York City is becoming a socialist, I will definitely close, sell, or franchise,” he said. Catsimatidis, a well-known politician in a conservative circle, runs more than 15 grist and almost 12 D’Agostino grocery stores in Manhattan.

“It’s going to hurt New York,” Catsimatidis said of Mamdani’s economic agenda if he wins the November general election. He added that he is considering moving his corporate office to New Jersey if that happens.

The billionaire CEO warns that if Zohran Mamdani elects mayor, he will close grocery stores in New York.

Additionally, Wall Street executives have emerged as some of the biggest critics of Mamdani’s economic agenda.

Billionaire hedge fund manager Bill Ackman has pledged to fund alternative candidates for Mamdani if ​​they appear. He also warned that Mamdani’s financial plans will “destroy jobs and cause businesses and wealthy taxpayers.”

“Socialism has no place in our country’s economic capital,” said the chief of Pershing Square. I wrote it in a post by x.

“There are two options: to support Mamdani and try to get on the good side of him or see if he can bring Eric back,” GFP Real Estate Chairman Jeff Garrull told Bloomberg about the current mayor of New York City.

Donated goat Andrew CuomoPAC added that he “certainly” prefers Adams to Mamdani.

Dunrove, founder of Third Point hedge fund; I wrote following Mamdani’s victory in X It was an officially hot summer. Loeb previously donated to Super PACS, which supports Adams and Cuomo.

Urban-owned grocery store, refund police: What you need to know about the next potential mayor of NYC

“As the weeks go by, the mum ticks fall apart, ‘Fox Business’ Larry Kudrow I said on Friday.

“Before that’s over, many of the younger people will find he’s going to go bankrupt and they’ll lose their jobs, and I think he’ll lose them too,” added Kudrow, who served as the White House economic adviser in President Donald Trump’s first year.

Council members for three terms say the city-run grocery stores will deal with the desert as well as rising food prices.

Mamdani, which includes the district, which includes Queen’s Bridge House, North America’s largest public housing project, says residents there are looking for low-cost food options.

“What I’ve heard from many of my constituents is, “Why are there five or six fast food restaurants in a 5-block radius, and I can’t find a place where I can actually afford to buy groceries.”

“What this network of municipally owned grocery stores offers is a guarantee of cheaper food, and the perception that food is unnegotiable for New Yorkers,” he added.

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Chicago Mayor Brandon Johnson proposed opening an urban-owned grocery store in 2023 to address food insecurity in windy cities. His administration has sidelined the project, but recently announced the urban-owned public food market as an alternative, according to the Chicago Tribune. Meanwhile, Atlanta Mayor Andre Dickens is set to open the city’s first city-funded grocery store next year.

“Cooperative grocery stores are a hallmark of many American communities. They provide a competition for commercial groceries, which helps reduce costs for everyone,” James Galbraith, an economics professor at the University of Texas at Austin, told FOX Business. “Mumdani’s proposal seems comparable. It obviously resonated with New York voters on Tuesday.”

Mamdani’s campaign did not respond to Fox Business’s request for comment.

Judge Glock, a research director and senior fellow at the Manhattan Institute, told Fox Business that Mamdani could expand its food stamp or SNAP programme to address “concerns about food injustice in some families.”

“However, running a grocery store is a well-known low-margin business that cities have not been able to realistically find excess profits to narrow down,” adds Glock.