"It's a fragile environment today, and we should be careful with this budget. With New Yorkers already leaving the state in search of a lower cost of living, further raising prices could send even more folks packing and undermine the state's long-term economic growth."
"If Mamdani is unable to secure higher taxes on the wealthy, he is expected to turn to raising property taxes - a move that would not only hit landlords but also ripple through to everyday New Yorkers in the form of higher rents and housing costs."
New York City's office market is demonstrating unexpected resilience amid fears that Mayor Mamdani's policies may lead to a corporate exodus. Concerns intensified with reports of Apollo Global Management considering a second headquarters outside the city. Mamdani faces a projected $5.4 billion budget deficit, prompting plans to raise taxes on high earners and corporations, which has met resistance from Governor Hochul. Business leaders warn that increased taxes could negatively impact the economy and drive residents away, although current leasing activity in Manhattan remains robust.
Read at Newsmax
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