What will happen in New York City when it runs out of money during the Mamdani regime?

Zoltan Mamdani has just been elected mayor. He has doubled down on his agenda which includes government funded (NOT FREE!) child care, government funded bus and train rides, government run grocery stores, defunding the police, sending social workers instead of cops to violent crimes, closing Rikers island, and he vows to fight ICE and President Trump's effort to deport illegal aliens.

The commissioner of the NYFD has already resigned and many cops have already started the put their papers in to retire. The major financial companies have either already left or else they are packing their bags. There are almost as many workers in the financial sector that work in Dallas than are working in New York City. Houses are already going on the market and realtors in Florida and the Carolinas are reporting a lot of interest from people moving to more citizen friendly states.

President Trump has already said that most federal funding will be cut since it is a sanctuary city. They are going to run out of money within a year.

The only thing that Mayor Mamdani can do to keep the city afloat after the tax revenues plummet and federal finding dries up. He will sell the Statue of Liberty, He will take advantage of the favorable price for copper scrap metal.

For sale
For sale
Updates
8 mo
I had an uncle who was in the real estate business. He owned several apartment buildings in New York City. In the 60s through imposed rent control. They did not impose property tax control so property owners soon found that they could no longer pay property taxes and pay for maintenance. Landlords let their property fall into disrepair. Finally my uncle stopped paying property taxes altogether. The city began foreclosure proceedings.
Updates
8 mo
My uncle had his lawyer file for extensions from the city. He continued to collect rent from his Tennants. Finally he could not get any more extensions after ten years or so. Finally he ended up walking away from all the property and he retired. He said that a lot of landlords fid the same thing , some others had their buildings torched for the insurance money. I expect this to happen again
What will happen in New York City when it runs out of money during the Mamdani regime?
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