New York City Mayor Zohran Mamdani warned that property taxes could rise sharply if state leaders fail to approve higher taxes on wealthy residents and corporations, as he unveiled a $127 billion budget proposal aimed at closing a major fiscal gap.
Mamdani said the city faced difficult choices and outlined what he called “two paths to bridge" the shortfall. He blamed the situation in part on the administration of former mayor Eric Adams, accusing it of underbudgeting essential services.
“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," Mamdani said.
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However, he warned that if New York lawmakers do not act, the city would have little choice but to increase property taxes and tap into reserve funds.
“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- weakening our long-term fiscal footing and placing the onus for resolving this crisis on the backs of working and middle-class New Yorkers," Mamdani said, adding, “We do not want to have to turn to such drastic measures to balance our budget. But, faced with no other choice, we will be forced to."
Mamdani said the alternative could include raising property taxes by as much as 9.5 percent, which would mark the first such increase in more than two decades.
New York City Comptroller Mark Levine described the mayor’s approach as a high-risk strategy.
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“He’s put a pretty extreme option on the table, which is a combination of raising property taxes and taking money from reserves and relying on some pretty aggressive revenue projections to boot," Levine said.
Source: World News in news18.com, World Latest News, World News
