Someone Gave Mark Levine a Bad Memo on Israel Bonds
Zohran Mamdani has wanted New York City out of Israel bonds for good since before he was elected, and last week he got most of it, courtesy of an analysis that someone in the comptroller’s office handed Mark Levine. Mr. Levine told the New York Times that the city will not buy Israel bonds “right now,” citing “some technical challenges” and “financial considerations.” The mayor welcomed the decision. The only thing standing between his permanent policy and Mr. Levine’s temporary one is the comptroller’s word that the review is still open. So hold him to it. Because the financial evidence has moved in favor of Israel bonds since Levine made his promise, not against them. Whatever briefing led him to the opposite conclusion deserves another look.
On a primary debate stage in June 2025 Levine told voters that a globally diversified portfolio “should include investments in Israel and Israel Bonds, which have paid solid dividends for 75 years,” and that New York was “now the only pension fund in America without that investment.” He said it again as comptroller in April 2026: Israel bonds “have never missed a payment in 70 years, ever, not once.” Now, ten months into the job, he has reversed course, and to his credit he has not pretended otherwise. “I always said this would be based on financial considerations only, not politics,” he told the Times. “That’s still my position.”
Good. Then let’s run his test.
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