Zohran Mamdani unveils record $127B budget — fueled by proposed NYC property tax hike
NY Post
Mayor Zohran Mamdani unveiled a record $127 billion budget Tuesday — with an ultimatum to Albany to tax the rich or he’ll slap the Big Apple with a massive property tax hike.
The democratic socialist framed his proposal — which would also include pulling from the city’s $10 billion rainy day fund — as a “last resort” to balance the budget if Gov. Kathy Hochul doesn’t agree to increase taxes on millionaires.
“I do not want to raise property taxes,” Mamdani said of his preliminary budget plan, which would hike property taxes 9.5% to raise an additional $3.7 billion in the next fiscal year.
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“When faced with this crisis, the question is who should pay these taxes? I believe that it should be the wealthiest New Yorkers, the most profitable corporations. I believe that they can afford to pay a little bit more,” Mamdani said.
The presentation kicked off months of negotiations with top local officials, including City Council Speaker Julie Menin, who said hiking property taxes was a non-starter.
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Mayor Zohran Mamdani unveiled a record $127 billion budget Tuesday — with an ultimatum to Albany to tax the rich or he’ll slap the Big Apple with a massive property tax hike.
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