Mamdani floats New York City property tax raise if state won’t tax millionaires

Threat of 9.5% property tax increase puts pressure on Governor Hochul, who is seeking re-election this year

Zohran Mamdani, New York’s democratic socialist mayor, has unveiled two new budget proposals for the city – one to raise income and corporate taxes, or another to raise property taxes – triggering resistance from some political figures in and out of the state.

Mamdani’s two proposals include either raising taxes on the city’s wealthiest residents – which would require approval from New York’s governor, Kathy Hochul – or a “last resort” measure of a 9.5% property tax increase, which could affect “more than 3 million single-family homes, co-ops and condos and over 100,000 commercial buildings”, according to the New York Times.