Mamdani Says He Will Raise Property Taxes In NYC By 10% to Help Make the City Affordable'

"However, acknowledging the fiscal realities of paying for his programs, like free buses and city-run grocery stores, the mayor warned that without Albany's help to raise taxes statewide, he will soak NYC's property owners. The Wall Street Journal reported on Tuesday that Mamdani's budget recommends raising city property taxes by 9.5%, which would generate $3.7 billion. He also called for drawing down the city's reserves by $1.2 billion to help close a looming budget deficit."

"We already have a situation where the governor said, I'm not going to raise I don't want to raise taxes on millionaires. And this morning she said she doesn't support property tax hikes. I wonder if we have a situation where this is a clash between ideology and reality, and if faced with the fact that you won't get those taxes from Albany, would you really, really, really raise property taxes here in New York City? asked a reporter."

"This is not a conversation on the basis of ideology. This is a conversation about a fiscal crisis. I have long believed in the importance of taxing the rich. I've said so publicly many a time, and I've long believed in the need for the state and the city's relationship to be a fair one. What we are speaking about in this moment, however, is not just that long-standing belief, the long-standing issues that have"

Zohran Mamdani proposes raising city property taxes roughly 9.5–10% to cover program costs if the state does not raise taxes on corporations and the wealthy. The proposed property tax increase would generate about $3.7 billion. The plan also calls for using $1.2 billion of city reserves to close a looming budget gap. Mamdani cited fiscal realities of programs like free buses and city-run grocery stores as drivers of the funding need. He framed the choice as a fiscal crisis rather than ideology and reiterated long-standing support for taxing the rich amid state resistance.

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