Last week, Democrat Zohran Mamdani, 34, defeated Andrew Cuomo, an independent, to become New York City’s youngest mayor in a century. Mr. Mamdani has promised to implement rent freezes, establish public grocery stores, expand universal childcare, introduce fare-free buses, and increase access to affordable housing. To fund these proposals, he has suggested increasing corporate taxes and additional taxes on millionaires.

Mr. Mamdani’s identity — he is Muslim and was born in Uganda to Indian parents — and policies struck a chord with the city’s residents, who have traditionally favoured career politicians and wealthier candidates for the post. Previous mayors include Michael Bloomberg, who had also pledged a substantial sum in support of Mr. Cuomo. Support from several billionaires and thre

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