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Story summary
- New York City sold $2.3 billion in bonds but fell short of its target due to weak investor demand.
- Analysts attribute the weaker demand to a lack of trust in Mayor Zohran Mamdani's leadership, with some investors selling holdings.
- Rating agencies downgraded the city's debt status amid a worsening financial outlook.
- Mamdani's plans to raise taxes could push residents away and complicate a budget reliant on Wall Street bonuses.
