""We do not want to have to turn to such drastic measures to balance our budget,""
""But faced with no other choice, we will be forced to.""
""This is not a conversation on the basis of ideology," he said. "This is a conversation about a fiscal crisis.""
""So he's required to put options on the table, but that does not mean that that's the final resolution,""
New York City may raise property taxes to close a multibillion-dollar deficit if the state does not impose new taxes on wealthy individuals or corporations. A $127 billion preliminary budget presents those options and emphasizes fiscal necessity over ideology. An expanded child care initiative is included and aligns with the governor’s priorities, but state leadership opposes income tax hikes. City reserves of $8.5 billion are available to help reduce the gap. The last major property tax increase occurred in 2003 after 9/11. The City Council must approve the budget by June 30 and plans to seek additional savings and revenues before raising property tax burdens on small property owners and neighborhood small businesses.
Read at Gothamist
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