Mamdani threatens 9.5% property tax hike to fill NYC budget gap | NBC New York [bLhQE3gVVuz]
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. #zohranmamdani #nyc #budget Streaming: Facebook: Instagram: X: TikTok: NBC 4 New York / WNBC is the flagship station of the NBC Owned Television Stations division of NBCUniversal, serving the New York Tri-State area with an unparalleled commitment to excellence for more than 75 years. For more information about NBC 4 New York, visit NBCNewYork.com.