Putting aside the viability of his policies for a moment, Assemblymember Zohran Mandani ran a successful campaign centered on core concerns of many New Yorkers. He mobilized tens of thousands of volunteers and donors, delivered a simple message to millions at their doors and across social media, and leveraged media and grassroots mobilization to defeat far more experienced opponents and entrenched interests that have long dominated city politics.

 

Democrats nationwide are studying this win, rightly seeing opportunities in Mamdani’s innovative tactics, sharp messaging, and grassroots organizing. They should also recognize that without a bold vision that directly addresses the real concerns of voters, last-minute spending on traditional advertising will fall short to the longer-term investments in infrastructure made by groups like the Democratic Socialists of America and the Working Families Party. This mistake has been made before, yet moderates continue to spend millions on legacy media with its fleeting impressions while pennies are committed to ongoing supporter engagement. 

 

But while much can be learned from the politics in this primary, Democrats should be wary of embracing lessons from the left when it comes to policy. Voters are aware of the government's limitations, and the fiscal realities in Albany and in Washington underscore how we cannot afford more spending on an expanded public sector. When considering future policy platforms, the Democratic Party must seek solutions for a new social compact that does not result in socialism. 

 

Consider housing, perhaps the defining issue in the mayoral campaign where a proposal to "freeze the rent" took center stage. This proposal offers temporary relief but is ultimately short-sighted, centered on scarcity of existing housing rather than the possibility of building new homes, which is what is clearly needed. Another proposal in this direction suggested government spearhead construction with tens of billions in additional spending. While that effort is unlikely politically, a consideration of existing NYCHA conditions, past cost overruns on public infrastructure, and overextended city budgets would suggest this path doesn't make sense.

 

Other cities have solved this problem for us. Austin has shown that bringing down housing costs requires building more housing, and the city did this through zoning reforms, streamlining permits, and financial incentives. Governments can spur development by reducing regulations — as the City Council and Mayor's Office did with City of Yes — and increasing investment to reduce the cost of capital and projects, but bureaucrats should not be in the construction business. This was a core part of our conversation last month with the city’s commissioner of housing and leading real estate developers and investors, and it’s clear more can be done on this front.

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Other challenges raised in the campaign are real, but again, the solutions cannot always be about more government spending. Consider public education, which did not receive nearly enough attention during the primary, but is critical to advancing economic mobility. New York City invests roughly $40,000 per student per year in our public schools, the most in the nation and three times the rate of Florida, a state with similar outcomes. Yet, despite investing approximately $1 million per classroom, only half of our kids can read or do math at grade level. After years of budget increases, we might ask if we spend money wisely. It’s time for us to focus more on increasing results, not resources. 

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While Democrats in New York demand more spending, Republicans in Washington are saddling future generations with more debt. Yesterday, the Senate advanced a bill to extend tax cuts for the wealthiest Americans. To pay for the $4.5 trillion in tax cuts, the bill slashes Medicaid and nutritional benefits for millions of the most vulnerable, cuts investments in technologies to tackle climate change, and leaves the country with $3.3 trillion in additional debt over the next ten years. Researchers from the Center for American Progress estimated that within the next decade, New York alone could see 800,000 residents lose health insurance, 670,000 lose food and nutritional benefits, and 18,000 green jobs put at risk. This outcome will devastate underserved communities and decimate strained city and state budgets trying to fill the gaps.

 

It’s easy for either party to call for more spending or more tax cuts when a future generation carries the costs, or blame immigration, technological disruption, or other outside forces for domestic challenges. At a time when our country is plagued by political polarization, income inequality, and deep divisions, conditions are ripe on both the right and left for new strains of nationalism or socialism. But while this shortsighted thinking might excite party bases in primaries, it won’t deliver the proactive policies, initiatives, and investments we need to secure a more stable and prosperous future. The answer lies not in the extremes of either party – in slashing government indiscriminately or expanding government infinitely – but somewhere in the middle, where an innovative but limited public sector can spur inclusive economic growth.

 

As builders and entrepreneurs, investors and innovators, we must work harder to change the conditions so that pragmatism prevails over populism in our politics and long-term investments win over short-term gains. That can start here in New York, which has long been the center of innovation and imagination for people around the world. Over the last two months, we’ve marshaled early momentum with hundreds of New Yorkers. We must now turn that into a lasting movement of hundreds of thousands who can champion a better, shared future – for our city, our state, and our country. We must cultivate cross-sector coalitions, use compelling media to explore the nuance of arguments, build bases of support outside the short sprints of political campaigns, back new leaders and policies that are bold and practical, and invest in the infrastructure needed to pave a path back to the middle and chart a new course for the future of New York.

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This is a big effort, and even bigger moment. We’re just getting started, and we have a lot of work to do. I hope you will join us.