The last time New York City increased property taxes was under former Mayor Michael Bloomberg’s term.
Mayor Zohran Mamdani laid out two potential paths Tuesday to close what he says is a $5.4 billion dollar budget gap in New York City.
In one, Albany would raise taxes on the richest New Yorkers. In the other, the City would raise property taxes for the first time since the late 2000s. The City could generate $3.7 billion by raising the property tax by 9.5%, Mamdani said.
Gov. Kathy Hochul has repeatedly said she is not on board the mayor’s first, and more preferred, option. If Albany does not agree to taxing the wealthiest New Yorkers, Mamdani says the city would need to raise property taxes in New York City to fill the budget gap.
“If we do not go down the first path, the city will be forced down a second, more harmful path. Faced with no other choice…we would have to raise property taxes. We would also have to raid our reserves,” Mamdani said at Tuesday’s briefing.
“The options of the second path are the options of last resort,” the mayor continued.
Property taxes stand as the city’s largest source of revenue, and as the only tax within the city’s power to raise.
The New Yorker’s elected him, they will have to deal with him. Elections have consequences
make it 50% let them pay for voting for him!
The rich are already the ones that own all of the property in NYC. There are no middle class landlords in a city like New York. If Hochul won’t tax the ultra wealthy, Mamdani will. This isn’t rocket science.