Hochul Just Let Mamdani Borrow NYC’s Back to the 1975 Financial Crisis

Across various social media platforms, high-fiving lefties and progressives are praising Mayor Zohran Mamdani for balancing the city budget without harming poor and working-class New Yorkers — when all he’s done is guarantee harm after he’s conveniently left office.

The biggest piece of the state’s “bailout” is just a license to spend now and pay later.

Specifically, Gov. Kathy Hochul’s OK to defer billions in payments to city pension funds, which amounts to just borrowing the cash.

Which happens to be exactly the lunacy that led to the city’s 1975 financial crisis.

The Empire Center’s Bill Hammond notes that Hochul & Co. framed the pension “smoothing” scheme “as an infusion of cash from the state to the city” — but it’s no such thing.