NYC’s Bond Investors Calm Wall Street Anxiety Over Mamdani Rise

New York City mayoral hopeful Zohran Mamdani has rattled Wall Street with his plans to raise taxes on the rich, freeze rents and boost spending to pay for free childcare and education at the city’s public universities.

Still, bond investors are tempering concerns for now. That’s because many of Mamdani’s core polices — like hiking levies on corporations, providing free bus service and borrowing an additional $70 billion for affordable housing — are outside of his direct jurisdiction, requiring approval from state or local leaders that have a range of ideologies.

“While he has big plans, the practical realities of ...