US EditionNYC Mayor Threatens 9.5% Property Tax Hike Unless Albany Taxes Wealthy
Mayor Mamdani threatens a 9.5% property tax hike to close a $5.4 billion budget gap if the state does not raise taxes on the wealthy and corporations, impacting over 3 million residential owners.
- At a City Hall briefing Tuesday, Mamdani proposed a 9.5% property tax increase if Albany does not raise taxes on the wealthy, warning of a budget gap.
- Because of prior underbudgeting, Mamdani says the city inherited about a $12 billion budget gap and still faces a $5.4 billion remaining two-year gap.
- The plan assumes withdrawing $980 million from the Rainy Day Fund and $229 million from the Retiree Health Benefits Trust while hiring 50 auditors and adding 200 lawyers and 100 support staff.
- Opponents noted the increase would most affect middle- and working-class New Yorkers, with Levine warning `to rely on a property tax increase and a significant draw-down of reserves would have dire consequences` .
- Absent Albany action — and with Hochul opposed to new taxes in an election year — Mamdani proposes a 9.5% property tax increase if the state doesn't raise wealth taxes, with reports due by March 20 to identify $1.77 billion in savings.
97 Articles
97 Articles
Zohran Mamdani threatens to increase property tax on New York City workers
Mamdani announced that unless the New York state legislature increases taxes on the rich and on corporations, he will implement a 9.5 percent increase in property taxes in the city to balance the annual budget.
Mamdani Tax Hike ‘Will Drive Thousands of Buildings Into Bankruptcy.’
PULSE POINTSWHAT HAPPENED: New York City Mayor Zohran Mamdani (D) proposed a 9.5 percent property tax hike in his $127-billion preliminary budget to close a projected $5.4-billion budget gap.WHO WAS INVOLVED: Zohran Mamdani, Governor Kathy Hochul (D), the New York Apartment Association (NYAA), and the City Council.WHEN & WHERE: The budget proposal was unveiled this week in New York City, with implementation aimed for the next fiscal year startin…
Mayor Bloomberg Survived a Huge Tax Hike, Could Mamdani Pull It off Too?
(New York, NY) — Mayor Zohran Mamdani is giving Governor Kathy Hochul an ultimatum – raise taxes on wealthy individuals and corporations, or he will raise property taxes in New York City. He says the big apple has a huge budget shortfall that must be filled to enact his budget plan. To pass a tax on wealthy New Yorkers, a bill would have to make it’s way through the state legislature and be signed off on by Governor Hochul, something she says t…
Zohran Mamdani's tax hike will drive out New Yorkers
New York City doesn’t enjoy Washington’s latitude when the bills come due: it cannot run an “official deficit”. By law and long-standing practice, the city is required to pass a balanced budget. That realisation dawned on Zohran Mamdani this week, as the Mayor warned that the city was facing a projected $5.4 billion revenue shortfall over the coming two fiscal years. Mayor Mamdani cannot be blamed for this budget gap, but he can certainly make i…
Coverage Details
Bias Distribution
- 47% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
