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SOCIALIST ULTIMATUM: NYC Mayor Mamdani is threatening to hike property taxes by 9.5% if the state refuses to approve his plan to tax the "ultra-wealthy." The mayor's $127 billion budget proposal relies on a "last resort" path that highlights his growing tension with Gov. Hochul, Fox News' Nate Foy reports. While the mayor is asking Albany to help bridge the city’s $5.4 billion deficit, the governor remains not supportive of the tax-the-rich alternative. His proposal is also facing headwinds with the city council.