NYC Mayor Zohran Mamdani is warning property taxes could rise by 9.5% to help close a multibillion-dollar budget gap if Albany refuses to approve higher taxes on the wealthy.
Critics say it could spark an “exodus” and drive up rents, while the plan is already facing heavy backlash from real estate groups and some officials.
NYC Mayor Zohran Mamdani is warning property taxes could rise by 9.5% to help close a multibillion-dollar budget gap if Albany refuses to approve higher taxes on the wealthy.
Critics say it could spark an “exodus” and drive up rents, while the plan is already facing heavy backlash from real estate groups and some officials.