Mamdani Abandons Plan for Raising New York City Property Taxes
The deal adds $4 billion in state support and nearly $8 billion over two years, letting the mayor drop a 9.5% property tax increase.
- On Tuesday, Mayor Zohran Mamdani unveiled a $124.7 billion FY2027 executive budget that balances the city's books without raising property taxes, using state aid, agency savings, and new revenue measures.
- Governor Kathy Hochul provided $4 billion in new state assistance, bringing total aid to nearly $8 billion over two years, enabling the city to close the $12 billion deficit inherited from prior administrations.
- The plan includes a pied-à-terre tax on second homes valued over $5 million, projected to generate $500 million annually, alongside $2.3 billion in pension restructuring and a delay in school class size mandates.
- City Council leaders praised the budget for avoiding tax hikes, while Nassau County Executive Bruce Blakeman condemned the state aid as "daylight robbery," claiming it funds a "socialist experiment."
- Projections show the city faces budget gaps exceeding $7 billion for FY2028 and topping $9 billion for FY2029, signaling continued fiscal pressure beyond the current budget cycle.
48 Articles
48 Articles
Mamdani backs down from property tax hike
New York City Mayor Zohran Mamdani has ditched a nearly 10% property tax hike in his budget proposal, a “last resort plan” to balance the city’s budget gap. The New York City Council will vote on the budget by the end of June. CNN’s Katherine Koretski breaks down Mamdani’s tax measurements.
Mayor Mamdani Gets His Wish from Albany
(New York, NY) – Mayor Zohran Mamdani is boasting a balanced city budget. After initially announcing a deficit of several billion dollars, the Democratic Socialist is taking a victory lap rolling out a $124.7 billion fiscal plan. While the mayor was able to avoid a controversial property tax hike, watchdogs say there are other places that the city is squeezing out extra funding. Ambulance rides, penalties on parking violations, and tree replacem…
Mayor's budget drops property tax request
Mayor Mamdani, Gov. Hochul and City Council leadership were claiming victory Tuesday prior to the mayor issuing his executive budget for the 2026-27 fiscal year.The $124.7 billion proposal is said by City Hall to close a multibillion-dollar spending gap without…
NYC Mayor Zohran Mamdani drops broad property tax hike in revised budget
New York City Mayor Zohran Mamdani on Tuesday unveiled a $124.7 billion budget for fiscal year 2027 that closes a projected $5.4 billion gap without raising property taxes on most property owners, walking back a threat he had used for months to pressure Albany for more funding.
Is Mamdani’s ‘Tax the Rich’ fight done?
DAYS THE BUDGET IS LATE: 42 ZO, THAT’S IT? For months, Mayor Zohran Mamdani has pressed the case that Albany must raise income and corporate taxes to help plug New York City’s $5.4 billion budget deficit. So in rolling out an executive budget today that closes the gap without his favored state-level tax hikes, Mamdani made a significant concession, showing he did not, in fact, need the increases from Albany to shore up his spending plan. When Pl…
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