Zohran Mamdani ran on a promise to make New York City affordable. This week, he unveiled a budget that is, in a word, unaffordable.

New York has been fiscally profligate for so long that the headline number — $127 billion — produces little shock. But for perspective, these are similar to the annual expenditures of a midsize nation (with all the expenses a country requires) — like Greece or Thailand — devoted to governing one city.

Zohran Mamdani ran on a promise to make New York City affordable. This week, he unveiled a budget that is, in a word, unaffordable.

New York has been fiscally profligate for so long that the headline number — $127 billion — produces little shock. But for perspective, these are similar to the annual expenditures of a midsize nation (with all the expenses a country requires) — like Greece or Thailand — devoted to governing one city.

New York City’s budget has ballooned in recent years. Mike Bloomberg’s last budget, adopted for fiscal 2014, totaled about $70 billion. In little more than a decade, the budget has nearly doubled, growing faster than inflation and faster than the city’s economic growth.

And much of it has happened as the city has been losing the one thing that makes big government easier to finance: people. New York City’s population fell sharply amid the pandemic, with a 5.3 percent decline from April 2020 to July 2022. More recent reports show a rebound, but the city remained below its 2020 baseline as of........

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