‘Last resort’: Mayor Mamdani threatens to hike NYC property tax to fill $5.4B budget hole

Mayor Zohran Mamdani unveils a record $127 B NYC budget and warns a 9.5% property tax hike may be necessary to close a $5.4 B shortfall if Albany won’t tax the wealthy. Mamdani calls a tax increase a “last resort,” threatening middle-class homeowners and renters across the city. The mayor is pushing Gov. Kathy Hochul to approve higher taxes on the rich while rejecting spending cuts. Critics warn this could burden NYC’s middle class and spark political backlash as budget talks continue.