Mamdani Backs Off Property Tax Hike, Seeks State Aid

0:00On March 25th, New York City mayor Zoraan Mamdani floated a 9.5% property tax increase last month to push Governor Kathy Hockle for. More state aid and higher taxes on the wealthy, the playing quickly backfired, sparking widespread opposition and forcing the mayor to back off. In private talks with city and state leaders, Mamdani has signaled he is not likely to move forward with the hike. This comes five weeks after the initial threat, even as Hockle remains firm against raising income taxes on high earners. Homeowners across the political spectrum push back hard with many middle-class families and black communities filling the pinch from already high. Property taxes, lawmakers from Queens and the Bronx called it a major misstep that hurt the mayor's support. Hockle noted she already sent one and a half billion dollars in aid to help close the city's budget gap, urging city hall to find savings instead. Progressive allies in the city council also distance themselves from the idea.

1:01As June 30 budget deadline approaches, the mayor's team is now eyeing reserves and continue talks with Albany to bridge the inherited. Shortfall without new property taxes.