Perhaps he will hunt them down at the tables of Masa, where sushi can go for almost $1,000 a head. Or maybe he’ll track them to the bar at the Plaza hotel, or else evict them from their penthouses overlooking Central Park. It is not yet clear how the radical Democrat nominee for mayor of New York, Zohran Mamdani, intends to act on his apparent desire to cleanse the city of billionaires if he wins power. But one point is surely clear. If he succeeds, he will find it impossible to pay for almost any of his expensive promises. And what might be termed the Mamdani Fallacy will be painfully exposed.

Mamdani certainly does not mince his words. During a TV interview, he argued that nobody should have 10 zeroes or more on their bank statement: “I don’t think that we should have billionaires because, frankly, it is so much money in a moment of such........

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