"Mayor Zohran Mamdani calls his property tax increase threat a last resort to get the city out of a $5.4 billion budget hole, but in reality, it's a bluff directed at Albany lawmakers to fulfill his tax the rich dream. Tax the rich is not happening in Albany. Gov. Kathy Hochul has said that repeatedly. She isn't about to go back on her word in an election year."
"The city budget is an enormous $118 billion; it is larger than almost every state in the Union. In a budget of this size, it is almost insulting that Mamdani would suggest increasing taxes before trimming programs to fill a budget gap that represents only a small percentage (4.6%) of the total budget. And such cuts can and must be found without sacrificing vital programs that New Yorkers rely upon every day."
"A property tax increase, in particular, would be devastating for the middle class, the heart of the city's economy. Increasing property taxes would negatively impact every New York City resident (poor, middle class and the wealthy). Most importantly, it would devastate the mayor's goal of making New York City housing more affordable. Middle-class property owners face higher maintenance costs, higher utility bills, and higher personal expenses for themselves and their families."
Mamdani threatens a property tax increase to address a $5.4 billion budget shortfall while treating the threat as leverage on Albany lawmakers. Gov. Kathy Hochul has ruled out tax-the-rich measures, especially in an election year, making the tax strategy unlikely to succeed. The city budget totals $118 billion, so the gap equals about 4.6% and can be closed by targeted program trims without cutting vital services. Raising property taxes would harm middle-class homeowners, damage housing affordability goals, increase maintenance and utility burdens, and exacerbate income pressures on small landlords facing potential rent freezes.
Read at www.amny.com
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