"In a press briefing unveiling his preliminary budget, Mamdani said that he would raise property taxes by 9.5% if he's unable to persuade Gov. Kathy Hochul to raise income taxes on the wealthy (2). Such a property tax hike would affect more than 3 million residential units and over 100,000 commercial buildings across the city (3). Mamdani himself acknowledged the move would not only hit wealthy residents, but "effectively be a tax on working- and middle-class New Yorkers who have a median income of $122,000" (2)."
""This is bat poopoo crazy," he said, adding that, rather than cut spending, Mamdani will simply "tax you into oblivion." He also argued the policy could accelerate an ongoing migration trend out of high-tax jurisdictions - particularly toward Florida, where he lives. "Probably sometime next year, within 12 to 18 months, I will meet him in Miami and give him real estate agent of the year award," O'Leary quipped. "I live in Miami Beach. Everybody from New York and New Jersey and Massachusetts is moving into my neighborhood. I'm pissed off and this guy's just doing more of it.""
Zohran Mamdani's preliminary budget proposes a 9.5% property tax increase if Gov. Kathy Hochul does not raise income taxes on the wealthy. The proposed hike would affect over 3 million residential units and more than 100,000 commercial buildings across the city. Mamdani acknowledged the increase would also impact working- and middle-class residents with a median income of $122,000. Investor Kevin O'Leary strongly criticized the proposal, calling it "bat poopoo crazy," warning it would "tax you into oblivion," and predicting accelerated migration to Florida. Real estate developers reported more than $100 million in signed contracts from New York buyers to Miami-based BH Group.
Read at Moneywise
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