STEVE FORBES: Don't crush homeowners to pay for NYC's out-of-control budget
Fox News
NYC faces potential 9.5% property tax hike as Mayor Mamdani warns of massive budget shortfall. Critics call the tax increase a grave mistake.
Steve Forbes is chairman and editor-in-chief of Forbes Media.
Property taxes are the most regressive form of taxation in local government. Unlike a tax on incomes or profits, property levies are indiscriminate: they hit long-time homeowners on fixed incomes, working-class families striving to build equity and small business owners who are the backbone of local communities. These levies are not tied to one’s ability to pay, but to a valuation often disconnected from cash flow. For a city already straining under affordability pressures and an elevated cost of living, this is a recipe for further exodus and economic stagnation.
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NYC faces potential 9.5% property tax hike as Mayor Mamdani warns of massive budget shortfall. Critics call the tax increase a grave mistake.
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