Mayor Zohran Mamdani is expected to propose raising property taxes to balance the city budget on Tuesday, in the face of Gov. Kathy Hochul’s continued resistance to raising taxes on the wealthy and corporations. The mayor is set to reveal his preliminary budget plans Tuesday afternoon at City Hall.
“We do have a big gap to fill, and he’s put a pretty extreme option on the table, which is a combination of raising property taxes and taking money from reserves, and relying on some pretty aggressive revenue projections to boot,” said City Comptroller Mark Levine, who was briefed on the proposal Tuesday morning.
On the campaign trail, Mamdani emphasized a need to reform the city’s property tax system, which economists say favors single-family homes, luxury condos and predominantly white neighborhoods overall, and places more weight on multi-family buildings and homeowners in mostly Black neighborhoods.
Of course, Mamdani will blame Kathy Hochul for not passing a wealth tax. But imagine how the average Mamdani voter (esp. homeowners) feels now after hearing this news, especially after being promised a bunch of free shit on the campaign trail--nonetheless it wasn't like Eric Adams, prominent conservatives and even Andrew Cuomo didn't warn them.
RELATED: Mamdani Wants to Fix Property Taxes. Eric Adams’s Failure Is a Warning Sign.
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