"Mayor Zohran Mamdani's push for state approval of new taxes on wealthy residents and corporations to help close New York City's budget gap seems to be gaining support among Albany lawmakers, even though Gov. Kathy Hochul has repeatedly said she would never support it."
"Mamdani was trying to put pressure on her to approve new taxes on high earners by warning the city could otherwise raise property taxes by nearly 10%, as laid out in his preliminary budget."
"There are ongoing conversations with the mayor's team, his budget team, my budget team. We already put $1.5 billion on the table to help reduce their exposure. We put a significant amount of money, as you heard, $1.2 billion this year, $1.7 billion next year, for child care."
On day 64 of Mayor Zohran Mamdani's term, he continues pushing for state approval of new taxes on wealthy residents and corporations to address New York City's budget gap. While Governor Kathy Hochul has consistently opposed this measure, Albany lawmakers appear increasingly supportive. At an Upper East Side child care investment event, Hochul denied feeling frustrated by reports of encouraging negotiations between City Hall and state lawmakers. Mamdani has warned that without new taxes, the city could raise property taxes by nearly 10% in his preliminary budget. Hochul emphasized ongoing conversations between state and city budget teams and highlighted the state's $1.5 billion contribution to reduce the city's budget exposure, along with $1.2 billion for child care this year and $1.7 billion next year.
Read at www.amny.com
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