Mamdani proposes raising NYC property taxes if state doesn't approve tax hike on wealthy

New York City Mayor Zohran Mamdani is calling for the Empire State to hike taxes on corporations and wealthy individuals in order to address the Big Apple's budget deficit, warning that the alternative would involve the city increasing property taxes and dipping into its reserves.

Mamdani has issued a preliminary fiscal year 2027 budget that involves a property tax hike, a prospect he has described as a "last resort."

"Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement...