Zohran Mamdani announced a $127 billion preliminary budget for New York City while warning that property taxes could rise if political leaders fail to approve higher taxes on the city’s wealthiest residents and corporations.
Mamdani said refusing to tax the wealthy would allow the city’s structural budget crisis to persist, ultimately forcing working- and middle-class New Yorkers to shoulder the burden through higher property taxes and depleted reserves.
Traders predict a 14% chance Mamdani passes the 2% Millionaire Tax before 2027.
Zohran Mamdani announced a $127 billion preliminary budget for New York City while warning that property taxes could rise if political leaders fail to approve higher taxes on the city’s wealthiest residents and corporations.
Mamdani said refusing to tax the wealthy would allow the city’s structural budget crisis to persist, ultimately forcing working- and middle-class New Yorkers to shoulder the burden through higher property taxes and depleted reserves.
Traders predict a 14% chance Mamdani passes the 2% Millionaire Tax before 2027.