STEVE FORBES: Don't crush homeowners to pay for NYC's out-of-control budget

New York City finds itself, once again, at a political and fiscal crossroads. Mayor Zohran Mamdani has unveiled a $127 billion preliminary budget for fiscal year 2027, warning of a $5.4 billion shortfall and asserting that, absent new revenue tools from Albany, the city may have to raise property taxes — possibly by as much as 9.5 percent — on millions of residential and commercial properties. 

This is a grave mistake — not merely for its economic consequences, but for what it signals about...