Mamdani Eyes Property Tax Hike to Bridge NYC Budget Gap, Pressing Hochul on Wealth Taxes
TL;DR Summary
New York City Mayor-elect Zohran Mamdani unveils a $127 billion preliminary budget and floats raising city property taxes to cover a roughly $5.4 billion shortfall, a tactic aimed at pressuring Gov. Hochul to back higher taxes on the ultra-wealthy and corporations. The plan would draw on reserves and requires City Council support, while Hochul has shown limited appetite for property-tax increases; Albany approval would be needed for other wealth-based taxes.
- Mamdani floats increasing New York City property taxes as part of $127B budget plan Politico
- Mamdani Threatens to Raise Property Taxes if There’s No Wealth Tax The New York Times
- Mayor Zohran Mamdani to release preliminary budget for NYC a day after Gov. Kathy Hochul promised more funds ABC7 New York
- Mamdani Threatens Property Tax Hike, With Income Tax Raise a No-Go in Albany THE CITY - NYC News
- State giving $1.5 billion to NYC to help fix massive budget gap CBS News
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