Mamdani Plans to Hike NYC Property Tax to Fill Budget Hole (2)

New York City Mayor Zohran Mamdani is proposing raising New York City’s property taxes for the first time in more than two decades and is looking to raid the city’s reserve funds to fill a roughly $5 billion budget gap.

“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,” said New York City Comptroller Mark Levine.

The proposed 9.5% property-tax hike, which Mamdani called an option of “last resort” would take effect in the fiscal year that ...