Mamdani Proposes First NYC Property Tax Hike in 20 Years to Close $5B Gap
New York City Mayor Zohran Mamdani has unveiled a $127 billion budget proposal featuring a nearly 10% property tax increase to address a $5 billion deficit. This move, the first such rate hike in over two decades, serves as a high-stakes ultimatum to Governor Kathy Hochul for increased state aid.