"We remain firmly in a budget crisis. It is a crisis that we can and will overcome - but we cannot do so without either significant structural changes in Albany, or the painful decision of last resort,"
"We would have to raise property taxes. We would also be forced to raid our reserves."
"more harmful path"
Zohran Mamdani proposed raising the property tax rate for all properties by 9.5 percent to close an estimated $5.4 billion budget gap. The proposal was presented as a last-resort option and characterized as more harmful than a state-approved 2 percentage-point tax increase on the wealthiest New Yorkers. The plan would require City Council approval and would also entail tapping city reserves. Mamdani attributed the shortfall to underbudgeting by the previous administration. Agency-wide chief savings officers will produce reports by March 20 detailing potential budget savings. The city’s effective property tax rate has remained unchanged since the Bloomberg era.
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