This is what you voted for in NYC, Democrats
Mamdani floats increasing New York City property taxes as part of $127B budget plan
Mayor Zohran Mamdani proposed raising New York City’s property taxes Tuesday as part of this year’s budget — the democratic socialist’s latest gambit to pressure Albany to hike taxes on the wealthy.
Mamdani unveiled a $127 billion preliminary budget proposal for the next fiscal year, which begins in July. As part of that plan, Mamdani is relying in large part on a 9.5 percent increase in city property taxes — which he can do without state approval — to help close a projected $5.4 billion revenue shortfall over the coming two fiscal years.
But that’s not enough, so in order to balance the budget — as he must by law — he’s also proposing drawing down some $1.2 billion from the city’s “rainy day” fund and retiree health care reserves.
Mamdani’s proposed increase — which drew swift pushback from various elected officials, including Gov. Kathy Hochul — would put a hefty burden on working- and middle-class homeowners in the city. The democratic socialist mayor acknowledged the increased taxes would impact more than 3 million residential units in the city, with the New Yorkers owning them having a median income of $122,000.
What Mamdani wants to do instead is to increase taxes on millionaires and major corporations this year — new levies that only Albany can enact.
So, he can either raise property taxes on everyone (is there a way to make the tax only apply to those who voted for Mamdani?), provided he can get it past the city council, or the state of NY can raise it on the people who truly generate income and employ people and then see lots of them leave the city and state. And don’t forget that raising the property tax on building owners will mean rent for apartments and businesses.
Hey, maybe the city could simply defund all the cops, fire departments, and sanitation. That would do it, right? Or, the city could do an audit on where it is wasting money. Like, perhaps, looking at how the city spent over $10 billion on illegal aliens/fake asylum seekers the past few years and put the city in a $5 billion hole. And will probably spend billions this year.
The citizens of NYC need to vote for massive property taxes to pay for all the freebies Mamdami promised them.
Governess Hochul realizes that billionaires always have the option to move. At least one billionaire has already moved to Mar-a-Lago in the Sunshine State.
But an increase in property taxes will be a good thing. It will educate the public in the realities of economics, including the fact that landlords do not pay property taxes; they simply collect property taxes from their tenants in the rent.
So Crooked Donnie left NYC because he regretted passing along his property tax burdens to his tenants, LOL.
We had no idea that “Mr Art of the Deal” he was so selfless and compassionate!!
Ellie, what does Trump moving out have to do with Mamdani NEEDING to raise taxes?
Could it be that more money is needed to pay for all the FREE things he promised?
Why yes. Yes it could.
TDS is a terrible disease.