"City Council Speaker Julie Menin and Finance Chair Linda Lee said the proposal begins a dialogue about protecting New Yorkers and the city's fiscal future. Both will be leading the Council's negotiations with Mamdani's team in hammering out a final budget this June. At a time when New Yorkers are already grappling with an affordability crisis, dipping into Rainy Day reserves and proposing significant property tax increases should not be on the table, they said."
"The property tax increases which Mamdani proposed Tuesday are, in his words, a last resort measure for the city to balance its budget should Gov. Kathy Hochul's and state lawmakers refuse to adopt tax increases on the wealthy and corporations. The last resort measure would increase property taxes by 9.5%, and force the city to dip into other savings to help close the gap by using $980 million from the Rainy Day Fund and another $229 million from the Retiree Health Benefits Trust."
Mayor Zohran Mamdani proposed contingency measures including a 9.5% property tax increase and withdrawals of $980 million from the Rainy Day Fund and $229 million from the Retiree Health Benefits Trust to close a budget gap. City Council Speaker Julie Menin and Finance Chair Linda Lee rejected significant reserve use and tax hikes given the ongoing affordability crisis and said they will lead Council negotiations and produce independent financial projections. Andrew Rein of the Citizens Budget Commission called the proposal a false choice and urged elimination of wasteful spending and efficient use of the $127 billion budget. Queens Borough President Donovan Richards Jr. opposed the tax hike.
Read at www.amny.com
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