Bill de Blasio has won the New York City mayoral election. He will be the first Democrat to hold the office since 1989, and the most liberal mayor to be elected to the position in living memory. As The Wall Street Journal declared, “New York voters are about to elect the Occupy movement to run America’s largest city.” De Blasio campaigned on the theme of “a tale of two cities,” citing ever increasing income inequality among New Yorkers. His manifesto is aimed at addressing this disparity. However, after 11 years of Mayor Michael Bloomberg succumbing to Wall Street elites, de Blasio’s campaign promises are unlikely to ever translate into reality.

De Blasio called inequality “the central issue of our times.” His positions on economic policy focus strongly on raising taxes on those making over $500,000, decreasing the burden on small businesses, expanding funding for the City University of New York and investing heavily in the technology industry to boost New York’s middle class. Based on de Blasio’s 40-point lead just hours before the polls closed on Tuesday, New Yorkers are confident he will be able to enact these promises. But amid the optimism, the threat of powerful Wall Street lobbyists remains. Their considerable influence on city government will likely present de Blasio with formidable obstacles in raising high-income taxes.

The level of inequality demands de Blasio focus his policies around economic reform, yet the method by which he hopes to achieve this cannot be deemed effective. Expanding the waning middle class is the most practical method de Blasio can choose to address inequality among New Yorkers. But the strong financial sector that systematically depleted the middle class still has the capacity to block de Blasio’s reforms.

While any attempt to address the city’s severe economic disparity is admirable, the question remains as to how de Blasio’s ideology will translate into practice. To raise taxes for high-earning New Yorkers, de Blasio will need legislative approval. This is a difficult feat given the toxic influence Wall Street lobbyists have on the process. The fundamental obstacle that threatens the change de Blasio envisions is the same force that drives New York City — its domineering financial industry. Wall Street’s legislative leverage would marginalize the influence of any mayor, but especially one who favors increased banking regulation. De Blasio’s proposals are warranted, but the overwhelming obstacle they face could mean de Blasio’s plans will remain on the drawing board.

A version of this article appeared in the Wednesday, Nov. 6 print edition. Email the WSN editorial board at [email protected].