NEW YORK - Mayoral candidate John Liu is calling for the legalization of marijuana as a way to boost the local economy.

The current New York City comptroller is proposing an overhaul of the city's law, saying that the taxation of marijuana could generate more than $400 million in revenue each year.

Liu says that the legalization could be beneficial toward supporting public colleges and students while keeping possession arrests from overcrowding city jails.

He is currently running in 5th place in the Democratic primary race.