"The first path is the most sustainable and fairest: raising taxes on the wealthiest and corporations, and ending the drain by fixing the imbalance between what the City provides the State and what we receive in return, said Mamdani. If we do not go down the first path, the City will be forced to go down a second, more harmful path of property taxes and raiding our reserves"
"The threat to raise property taxes puts pressure on Hochul, who is seeking re-election this year, to move toward Mamdani's campaign promise to make the city's top earners and corporations pay more to fund an ambitious slate of programs that includes free childcare, free buses and rent freezes for 1m rent-stabilized apartments. Mamdani's message comes as Hochul, who has ruled out income tax rises, said the state would contribute $1.5bn to help reduce the city's budget deficit,"
Zohran Mamdani unveiled two budget options for New York City: raising taxes on the wealthiest residents and corporations, or a 9.5% property tax increase affecting millions of homes and many commercial buildings. The wealthy-and-corporate tax path would require state approval from Governor Kathy Hochul and is presented as the most sustainable and fair option to fix a funding imbalance between city services and state receipts. The fallback property-tax option could force raids on reserves, weaken long-term fiscal footing, and shift the burden onto working- and middle-class New Yorkers. Hochul ruled out income-tax hikes but pledged $1.5bn toward the city’s growing deficit, which is expected to widen to about $7bn.
Read at www.theguardian.com
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