NYC Budget Battle: Mamdani Unveils $127B Plan, Signals Possible Property Tax Hike
New York City Mayor Zohran Mamdani unveiled a record $127 billion budget proposal, warning that a 9.5% property tax increase could be implemented as a “last resort” if Gov. Kathy Hochul does not approve higher taxes on wealthy New Yorkers. Mamdani also proposed drawing $1 billion from the city’s rainy day fund, framing the potential property tax hike as a contingency measure tied to Albany’s fiscal decisions. The proposal sets the stage for a high-stakes budget fight between City Hall and the governor’s office.
