"New York City Mayor Zohran Mamdani has thrown down an ultimatum, threatening to raise property taxes by nearly 10% as a way to lobby Governor Kathy Hochul for more funding."
"Hochul who is running for reelection in November hasn't budged on her refusal to raise taxes on corporations and wealthy residents, repeatedly saying there is no reason to hike the levies at this time."
New York City Mayor Zohran Mamdani has issued an ultimatum by threatening to raise property taxes by nearly 10% to obtain additional state funding. The proposed tax increase is aimed at pressuring Governor Kathy Hochul to provide more revenue. Governor Kathy Hochul, who is running for reelection in November, has maintained a firm refusal to raise taxes on corporations and wealthy residents. Hochul repeatedly states that there is no reason to hike those levies at this time. The standoff creates a political and fiscal clash between city and state leadership over funding priorities.
Read at www.bloomberg.com
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