FBN: ‘Free’ Childcare Projected to Cost 9.3B vs. Mamdani’s $6B Estimate, ‘Free’ Buses $1.1B vs. $800M Estimate

EXCERPT:

LLENAS: “Well, Democratic Socialist Mayor Zohran Mamdani campaigned on an agenda he said would cost about $10 billion a year. Turns out it's likely going to be more than that. Start with free universal childcare. The Center for New York City Affairs estimates the cost at up to $9.3 billion a year, 55 percent more than Mamdani said. Most of that pays for his promise of teacher-level salaries for childcare workers. Then there's free and fast buses. Mamdani said that that would take $800 million a year. The city's independent budget office says $1.1 billion. That plan is now on hold. Mamdani said he would raise $10 billion a year mostly through new taxes on corporations and millionaires. So far, he's projected to raise about $1 billion a year from a new pied-à-terre tax and state aid. Here's the problem. Only the state can levy new taxes, and Governor Kathy Hochul has said no. She gave the city $1.2 billion over two years for childcare. Beyond that, neither of them can say how to pay for it all.”