NYC Mayor Zohran Mamdani to Propose Property Tax Hike

AOL.com:

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.

Senator Elizabeth Warren Says Trump Called Her to Discuss His Latest Price Caps

Mediaite.com:

Talk about unlikely partners. Sen. Elizabeth Warren (D-MA) on Monday said President Donald Trump called her to talk about his plan for capping credit card interest rates as both Democrats and Republicans are increasingly focused on “affordability” heading into the 2026 midterms. 

 

Warren said she was open to working with the president on his plan — if he got Republicans to support legislation she supports. Punchbowl News reporter Brendan Pedersen shared the Trump-Warren phone call news on X. 

 

“After my speech, the president called me, I delivered this same message on affordability to him directly,” Warren said. “I told him that Congress can pass legislation to cap credit card rates if he will actually fight for it.”

Putting aside the petty and long differences these two have had, in such a deeply polarizing moment, seeing any Democrat (outside of John Fetterman) willing to work with Trump on legislation that could positively affect everyone is striking. That said, it’s fair to ask how serious Trump and Warren actually are about capping credit card interest rates. Warren has said she spoke with Trump about the issue last year, and with the midterms coming up in November, she knows she has leverage, especially given that the opposition party is often favored in those elections. Still, lowering costs for working people should be the top priority for all politicians, credit card interest rates are through the roof, and this is something Trump needs to deliver on.

RELATED: National Review Warns Trump’s Credit Card Interest Cap Is a ‘Terrible Idea’ That Would Destroy GOP In Midterms

Trump Moves to Ban Big Investors From Buying Single-Family Homes

CNBC.com:

President Donald Trump said the U.S. should bar large institutional investors from buying single-family homes, arguing that corporate ownership has helped push housing further out of reach for everyday Americans. 

 

“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” Trump said in a Truth Social post Wednesday. 

 

“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations,” he added. Private equity giants, real estate investment trusts and other large institutional investors have amassed sizable portfolios of single-family rental homes over the past decade. Many have argued that these investments have reduced housing supply for would-be homeowners and helped drive up prices.

This is a good news as far as affordability and the housing crisis goes as shares of BlackRock and Blackstone fell after news that large institutional investors (corporations owning at least 1,000 single-family homes) can no longer outbid families for houses. In early 2024, such investors spent over $1 billion on Atlanta homes, pricing out first-time buyers. Atlanta’s median home listing has climbed to $410,000, nearly double 2020 levels, amid growing concern over Wall Street’s dominance of housing. Hell, when even Gavin Newsom likes your idea, it's time to make it happen.

RELATED: Federal Assistance Programs Help Mitigate the Worst of the Housing Crisis