00:00This chart explains why Zoran Mondani, a democratic socialist, just won the city that defines modern capitalism.
00:06It's because the people who live and work in New York City aren't the same as they used to be.
00:10There are fewer hardline Wall Street capitalists.
00:13J.P. Morgan, for example, has more employees in Texas than New York.
00:16And there are more people who work in care services, the government, non-profit, and creative industries.
00:21These jobs come with a certain intellectual status, but also tend to be lower paying.
00:24So it's easy to see why they rallied for Mondani,
00:26whose main message has been about affordability, including free bus rides, child care, and subsidized groceries.
00:33To pay for these benefits, however, Mondani is proposing a 2% flat tax on anyone who earns more than a million dollars and higher corporate taxes.
00:40The problem is that those high earners are leaving the city.
00:44The other big change in New York, which also benefited Mondani, is a decline in the number of families who are living together.
00:50That's part of a larger national shift, but it's a trend that's been particularly hard on New York City's housing.
00:55Because more single-family households means less housing availability and affordability.
01:00So Mondani has also promised more rent controls.
01:03But this is one of the reasons we have so little availability to begin with.
01:06These are the same demographic shifts that propel Mondani to victory in the primary.
01:10New York City's elites just don't feel so elite anymore.
01:13Because where they live is both more expensive than it used to be, and there's more people who can't afford it anymore.
01:19With price controls, though, sooner or later, in one form or another, everyone ends up paying.
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