Bill Conway:

Since then, it was revealed that the preliminary plan is for this debt to be issued with zero payments until 2027, followed by interest-only payments through 2045.

Imagine taking out a mortgage on your house, but not making a single payment for the first two years. Then, for the next 18 years, you pay only the interest — never touching the actual loan balance. By the time you start paying off the principal, you’ve racked up so much extra interest that you’re now paying more than double what you borrowed.

That’s exactly what the mayor’s office has proposed. It’ll borrow $830 million today, but between delayed and interest-only payments, taxpayers will ultimately owe more than $2 billion. And conveniently, the real payments don’t start until after the mayor and City Council face reelection.