New Yorkers flood polls in protest over soaring rents and living costs


Adla Massoud
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Four days into early voting ahead of the November 4 election, turnout in New York has already surged to nearly five times the level recorded during the 2021 mayoral race.

The surge comes as affordability emerges as the election's defining issue. For many New Yorkers, the cost of living has become untenable. Surging grocery prices now compete with sky-high rents for top spot among economic grievances.

According to US federal data, prices for eggs, meat, poultry and fish have climbed by nearly 9 per cent over the past year in the city.

“Grocery prices are out of control – as mayor, I will create a network of city-owned grocery stores,” said Zohran Mamdani, a state assemblyman from Queens and the race’s frontrunner, in a recent social media post.

Mr Mamdani has built his campaign around an unorthodox proposal: five city-run grocery stores that would sell food at near-wholesale prices and operate without a profit motive. The stores, he said, would be built on city-owned land, would be exempt from rent and property taxes and would be stocked through bulk purchasing agreements.

His pitch is simple, even blunt. “New Yorkers can’t afford groceries,” the mayoral hopeful said. “We will redirect city funds from corporate supermarkets to city-owned grocery stores, whose mission is lower prices, not price-gouging.”

Mr Mamdani, a member of the Democratic Socialists of America, has argued that the initiative will combat inflation-driven food insecurity and loosen what he calls the “corporate stranglehold” on the cost of living. His supporters see his idea of city-run markets as a moral response to skyrocketing prices.

“I think it’s the correct approach,” said Jose Suarez, 31, a bartender. “Prices have risen a lot because of inflation and it's less money for my family. I’m not able to save at all. I think his plan can work.”

The famous Zabar's food emporium in Manhattan. Getty Images / AFP
The famous Zabar's food emporium in Manhattan. Getty Images / AFP

Others see in Mr Mamdani a broader vision for a fairer city. “I like Mamdani because he wants to bring affordability back to New York, making rent affordable, which is something every New Yorker suffers from,” said Lisa, 52. “He represents a reset button.”

Maddi, 26, a Brooklyn resident who has canvassed for Mr Mamdani, shared a similar view. “I love that he answers questions directly,” she said. “It looks like he has a plan and is very transparent. I like that he’s young but not too young … he has energy. He has no problem apologising. I want a system that makes things more equitable.”

The idea of city-run markets carries echoes far beyond New York City. Asli Aydintasbas, a senior fellow at the Brookings Institution, noted that a similar system of municipally backed food programmes helped shape the political ascent of Turkey’s President, Recep Tayyip Erdogan.

As mayor of Istanbul in the 1990s, Mr Erdogan established a network of subsidised markets and urban welfare programmes that built deep reservoirs of grassroots support.

“It’s the same kind of ecosystem of urban subsidies that Mamdani is proposing,” Ms Aydintasbas said. “Grocery stores, free buses, rent control, these become both social safety nets and political tools.”

Recep Tayyip Erdogan with Donald Trump at the White House in September. Reuters
Recep Tayyip Erdogan with Donald Trump at the White House in September. Reuters

A similar experiment unfolded in Venezuela under its former leader Hugo Chavez. The Mercal network of government-run supermarkets expanded rapidly in the early 2000s and provided cheap staples such as rice, milk and oil to millions of low-income households.

At its peak, it symbolised the state’s promise to feed the poor and counter the power of private distributors. But as inflation rose and corruption seeped into procurement, Mercal’s shelves emptied.

Mr Mamdani’s plan draws from the same logic that access to food is a public right, not a privilege dictated by private profit. But unlike Turkey or Venezuela, where state-backed markets operated as arms of centralised power, his proposal would unfold in a city governed by budget constraints, labour protections and fierce political scrutiny.

His supporters view the plan as a response to what they describe as an affordability crisis, while critics – including President Donald Trump, who has called Mamdani a “communist” – believe the idea goes too far, calling it an example of government overreach.

Pershing Square Capital Management CEO Bill Ackman asserted at the Future Investment Initiative in Riyadh on Tuesday that having a socialist mayor would be "catastrophic" for New York.

John Lowrey, an assistant professor of supply chain and information management at Northeastern University, questioned the “suitability and sustainability of publicly funded grocery stores in New York City, or elsewhere”.

“Ironically, city-funded stores could undercut or ‘crowd out’ small, independent grocers that compete in the same geographic area,” he said. “This could have the unintended effect of greater market concentration and a higher market share for larger-format stores.”

As for alternatives, Dr Lowrey suggested that “a more practical approach is to lean on existing market infrastructure”, such as increasing funding for food banks and non-profit organisations that recover and redistribute food. “Food banks,” he added, “are among the most efficient types of non-profit.”

A grocery store in the Bronx. Bloomberg
A grocery store in the Bronx. Bloomberg

While Mr Mamdani has put a fresh, younger face on city politics, critics say he lacks the experience and know-how needed to lead the biggest urban area in the US.

“He is articulate and intelligent but has zero real-world experience,” a New York City legal worker, who asked not to be named, told The National. “It’s naive to believe raising taxes on the middle and upper-middle class will solve inequality."

The legal worker added that Mr Mamdani's previous comments on the police and Israel were alienating to many, and that this is not what the city needs.

"He’s spent his career disparaging both the police and the Jewish community and now claims to support them. That doesn’t ring true," the legal worker said. “New York needs a leader who wants to bring people together and find ways to improve services and opportunities for all … that is not him. He is going to discourage business, hurt property owners and make it more difficult and dangerous to live here."

The legal worker cast his ballot on Monday for former New York State governor Andrew Cuomo, but conceded a final point about Mr Mamdani: “He’ll probably win, and if he does, I fear he’ll do more damage than [former mayor Bill] de Blasio.”

Like Mr Mamdani, Mr de Blasio, who served two terms as mayor from 2014 to 2021, supported socially liberal and progressive policies, including free universal pre-kindergarten, de-escalation training for police officers and closing the programme of post-9/11 surveillance of Muslim New Yorkers. He left office with low approval ratings, his critics saying his policies had harmed law enforcement and sowed division in the city.

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Profile of Whizkey

Date founded: 04 November 2017

Founders: Abdulaziz AlBlooshi and Harsh Hirani

Based: Dubai, UAE

Number of employees: 10

Sector: AI, software

Cashflow: Dh2.5 Million  

Funding stage: Series A

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

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  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Updated: November 01, 2025, 1:37 PM