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The Folly of ‘Affordability’ Politics
“Many of the best remedies for high living costs take time, and involve mechanisms that are both complex and indirect,” writes Tyler Cowen. (Illustration by The Free Press)
Americans are understandably frustrated by higher prices. But politicians like Zohran Mamdani, who promise to lower costs instantly, are selling economic fantasies.
By Tyler Cowen
11.05.25 — Tyler Cowen Must Know
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“Affordability” is the new mantra of American politics. Zohran Mamdani ran on it, and he just became the mayor of New York City. He’s not alone: Across the country, many Democrats have moderated their focus on wokeism, centering their campaigns instead on practical, bread-and-butter issues—namely, the cost of living. This focus is largely perceived to have driven Mamdani’s Tuesday night victory, as well as that of Abigail Spanberger in Virginia’s gubernatorial race and Mikie Sherrill in New Jersey’s.

And it’s not just Democrats. Republicans, too, are talking about stressing affordability in their messaging. At a time when inflation remains stuck around 3 percent, it is easy to see why voters from both parties share concerns about the cost of living.

But I am here to raise a cautionary note. I fear this talk about affordability will prove harmful, and likely counterproductive.

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Tyler Cowen
Tyler Cowen is Holbert L. Harris Professor of Economics at George Mason University and also Faculty Director of the Mercatus Center. He received his PhD in economics from Harvard University in 1987. His book The Great Stagnation: How America Ate the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better was a New York Times best-seller. He was named in an Economist poll as one of the most influential economists of the last decade and Bloomberg Businessweek dubbed him "America's Hottest Economist." Foreign Policy magazine named him as one of its "Top 100 Global Thinkers" of 2011. He co-writes a blog at www.MarginalRevolution.com, hosts a podcast Conversations with Tyler, and is co-founder of an online economics education project, MRU.org. He is also director of the philanthropic project Emergent Ventures.
Tags:
Housing
New York City Mayoral Race
Zohran Mamdani
Economics
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