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Mamdani is socializing housing in NYC, costing taxpayers billions

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You know Gotham is careening toward fiscal crisis when the city council’s problem with the socialist mayor is that Zohran K. Mamdani . . . is not socialist enough.

In negotiating his first city budget with supposedly moderate council Speaker Julie Menin, Mamdani resisted socializing thousands of existing private apartments.

But Lenin — er, Menin — won.

Tuesday, in their $125.8 billion deal, Mamdani and Menin agreed to expand an eight-year-old de Blasio-era housing program called City Fighting Homelessness and Eviction Prevention Supplement.

Under FHEPS, the city gives vouchers to people who are in a homeless shelter or who are at risk of being evicted from their apartment.

With the voucher, a tenant can rent an apartment to get out of the shelter, or stay in her existing apartment, and limit her rent to 30% of her income.

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City taxpayers cover the rest, based on “fair market rents” that exceed $3,500 a month in some neighborhoods.

As of last fall, 65,092 New York City households were using FHEPS vouchers, according to city comptroller Mark Levine........

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