Economic Development Corporation
Coverage of Economic Development Corporation in the Nexus archive.
- Search Begins for Operator of City-Backed Insurance With $100M in Public Funds
The Mamdani administration is seeking an operator for a city-backed insurance program aimed at reducing property and liability insurance costs for rent-stabilized buildings. The program, funded with $100 million over three years, targets a 20% premium reduction and plans to cover 20,000 apartments by 2027, expanding to 100,000 by 2030.
- Mamdani's government-run grocery stores will fail 'like every socialist experiment': economist
New York City Mayor Zohran Mamdani plans to open five government-run grocery stores by 2030, facing criticism from economist Daniel Di Martino who warns the initiative will fail like other socialist experiments. Di Martino argues the city will spend millions without profit incentives, risking competition with existing private stores like Aldi and Costco.
- Mamdani's government-run grocery stores will fail 'like every socialist experiment': economist
New York City Mayor Zohran Mamdani plans to open five government-run grocery stores by 2030, a move criticized by economist Daniel Di Martino as a doomed socialist experiment that will cost taxpayers millions and harm private businesses. Di Martino argues government stores lack profit incentives and will undercut existing retailers like Aldi and Costco in East Harlem.