"New York City is already one of the most expensive places to live in the United States, but residents should brace themselves to pay even more for housing if the city's budget deficit persists. To further reduce the deficit, Mamdani wants more state tax revenue to go to the city. At a late January ." The irony here, press conference , Mamdani how "New Yorkers contribute 54.5 percent of state revenue and receive only 40.5 percent back ,"
"If revenues can't be raised by increasing these rates, Mamdani will take nearly $1 billion out of the city's Rainy Day Fund, over $200 million from the Retiree Health Benefits Trust, and jack up property taxes as "a last resort." These taxes already stand at around 20 percent for family homes , 12 percent for apartment buildings , and 11 percent for commercial properties ."
New York City is one of the most expensive U.S. cities and may face higher housing costs if its budget deficit continues. Mamdani seeks a larger share of state tax revenue for the city, noting New Yorkers contribute 54.5 percent of state revenue but receive 40.5 percent back. That position contrasts with objections to progressive redistribution across jurisdictions. To reduce the deficit, plans include withdrawing nearly $1 billion from the Rainy Day Fund, over $200 million from the Retiree Health Benefits Trust, and raising property taxes as a last resort. Property tax burdens are about 20% for family homes, 12% for apartment buildings, and 11% for commercial properties, risking higher costs for working- and middle-class households.
Read at Reason.com
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