Summary
New York City Mayor Zohran Mamdani proposed a 9.5% property tax increase as a backup plan if New York Governor Kathy Hochul does not approve higher taxes on the wealthy. Mamdani seeks to solve a projected $5.4 billion budget gap over the next two years either through increased taxes on the wealthy or the property tax hike. This proposal has faced opposition from local leaders and landlords due to concerns about the financial burden on New Yorkers.
Key Facts
- Mayor Zohran Mamdani proposed a 9.5% property tax increase in New York City.
- The proposal is a backup plan if Governor Kathy Hochul does not approve higher taxes on the wealthy.
- Mamdani's goal is to address a projected $5.4 billion budget gap over the next two years.
- Mamdani has a history of supporting Hochul, but the proposal has led to disagreements between them.
- Local leaders, such as Queens Borough President Donovan Richards, oppose the tax increase.
- The proposed tax hike has sparked concerns about driving rent-stabilized buildings into bankruptcy.
- Governor Hochul has expressed her opposition to the property tax increase.
- Mamdani's budget proposal includes efforts to generate revenue without entirely relying on higher taxes.
