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Home Finance & Markets

Mamdani New York mayor sworn in with pledge to tax the wealthy in the USA

Staff Writer by Staff Writer
01/02/2026
in Finance & Markets, Geopolitics, News
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New York mayor Zohran Mamdani waves during his public inauguration ceremony followed by a block party at City Hall in New York on January 1, 2026. Mamdani, the young upstart of the US left, was sworn in Thursday to take over as New York mayor for a term sure to see him cross swords with President Donald Trump. After the clocks struck midnight, bringing in 2026, Mamdani took his oath of office at an abandoned subway stop to begin managing the United States' largest city. He is New York's first Muslim mayor. (Photo by TIMOTHY A.CLARY / AFP)

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Zohran Mamdani took the oath as mayor of New York on Thursday, holding a Quran and promising to lead the city as a democratic socialist who will pursue a package of redistributive policies. The 34-year-old, born in Uganda to a family of Indian origin, becomes the first Muslim and first south Asian mayor of the city, and the youngest in more than a century.

Mamdani New York mayor’s priorities

In a 24-minute inauguration address delivered before thousands, and attended by political figures including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez, Mamdani set out an agenda focused on affordability, public services and immigrant protections. He said he would not abandon his socialist democratic principles and repeated his pledge to increase taxes on the city’s wealthiest residents and corporations to pay for universal childcare, free bus services and measures to ease the cost of living.

“I was elected as a democratic socialist and I will govern as a democratic socialist,” Mamdani told the crowd. He promised a city government that “looks and lives like the people it represents,” signalling an administration intent on centring working-class New Yorkers in policy decisions.

The inauguration was heavy with symbolism. Musicians performed the labour movement anthem “Bread and Roses,” while Letitia James, the state attorney general, presided over a private swearing-in at a disused subway station beneath City Hall — a choice his office said reflected a commitment to workers and to different parts of the city.

Allies from the progressive left praised the new mayor. Senator Sanders thanked attendees for advancing a vision of government that serves a broader public rather than a narrow wealthy few. Moments during Mamdani’s speech saw the crowd chant “tax the rich,” underscoring appetite among supporters for redistributive change.

Mamdani’s rise was rapid. Once a relative unknown on the citywide stage, he rallied broad support in a short time and now faces the challenge of translating campaign promises into deliverable policies within the constraints of city budgets, state and federal rules, and the reaction of business leaders who have warned of capital flight.

The new mayor arrives amid heightened national political tensions. Former President Donald Trump, a vocal critic who has threatened to withhold federal funding should Mamdani enact certain policies, remains a political antagonist. The two met earlier in a surprisingly cordial White House encounter in November, but their public exchanges have been combative.

Mamdani also pledged to shield immigrant communities from enforcement actions and to prioritise working-class neighbourhoods. His record of outspoken support for Palestinian rights and criticism of Israeli policies drew protests from a small group at the ceremony, which briefly disrupted parts of the event.

Analysts say Mamdani’s administration will be watched closely as a test of whether progressive, left-leaning leadership can govern a major American city while pursuing expansive social programmes. For many attendees, his inauguration represented both a symbolic moment of inclusion and the beginning of a policy experiment that could have wider influence beyond New York.


Key Takeaways:

  • Zohran Mamdani, born in Uganda, was sworn in as New York mayor and pledged democratic socialist policies.
  • Mamdani New York mayor vows to tax the wealthy and corporations to fund universal childcare, free buses and rent measures.
  • The ceremony highlighted diversity and featured allies such as Bernie Sanders and Alexandria Ocasio-Cortez.
  • Mamdani pledged to protect immigrants and govern boldly despite opposition from critics including former President Trump.
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