Cryptocurrency-based prediction market announced it would open store in apparent nod to mayor’s signature policy

This is what Polymarket posted

  • unexposedhazard@discuss.tchncs.de
    701·
    15 hours ago

    Mamdani proposed the city-owned stores not have to pay rent or overhead taxes, leading to lower consumer prices. They would buy and sell groceries at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods to source products.

    Thats a great idea actually

    • yes_this_time@lemmy.world
      1·
      3 minutes ago

      The government has a responsibility to ensure policies drive affordable food prices, but a government run grocery stores seems like a terrible idea.

    • enterpries@sh.itjust.works
      6·
      5 hours ago

      City-owned, does this mean all ‘profit’ goes back into the city and the business is not operated in a way to maximize profit?

      • wonderingwanderer@sopuli.xyz
        8·
        1 hour ago

        If they’re selling at wholesale prices, there won’t be any profit. That’s the idea.

        It’s a good idea. Food should be distributed as efficiently as possible, and a city funded by people’s taxes should do that for them. It makes total sense. And sourcing products from local businesses is just a bonus.

    • JPAKx4@piefed.blahaj.zoneEnglish
      61·
      6 hours ago

      Grocery stores don’t have a lot of margins, so this move won’t reduce prices by much or at all. What it will do is improve low income areas the “market” has left alone to improve the availability and quality of nearby food. I’ve heard a lot of people skeptical of the “lower prices” part, when I think the food desert part is a much more important part of the plan tbh.

      • unexposedhazard@discuss.tchncs.de
        6·
        4 hours ago

        They have low margins because they have high costs (like rent, logistics and insurance stuff), so if those get reduced then they can lower prices by exactly that amount while keeping the same margin.

        • JPAKx4@piefed.blahaj.zoneEnglish
          1·
          1 hour ago

          That makes sense, but it does mean the private grocery stores won’t lower their prices in response. So unfortunately it won’t have as good of an effect as affordable housing can have, but still a positive one where these are created.