Zohran Mamdani Says NYC May Need a 9.5% Property Tax Increase to Address Budget Crisis

Zohran Mamdani warned that New York City may need to raise property taxes by as much as 9.5% to deal with a growing budget crisis. He said if alternative solutions aren’t taken, the city could be forced into what he described as a “more harmful path,” making tax increases necessary. The proposal highlights the difficult financial choices facing city leaders as they try to close budget gaps while maintaining essential services. Any property tax increase would directly impact homeowners and could have broader effects on housing costs across the city.