Mamdani’s budget answer: raid the rainy day fund and retiree health trust rather than cut spending. It’s San Francisco’s playbook—spending grew 17% while revenue grew 2-3%, then departments laughed at 10% cut requests. His signature policies (rent freezes, city groceries, defund-lite policing) have been disproven by decades of data.
February 19, 2026 · 5 min read