New York City Mayor Zohran Mamdani is reportedly planning to drop his controversial plan to close the $5.4 billion municipal budget deficit by raising property taxes.
WNBC is reporting the mayor’s scheduled budget presentation for later today will include other strategies for addressing the deficit. In February, he claimed that a 9.5% hike in property taxes could generate $3.7 billion for the city.
However, the mayor quickly backpedaled after introducing the plan, stating it was only intended as a “last resort.” He has since not raised the proposal in his public appearances.
The property tax hike would require approval from the state government, which would have created problems for Gov. Kathy Hochul and state legislators who are seeking re-election this year. Instead, Hochul put forth a so-called “pied-à-terre tax” proposal aimed at luxury second homes. But that effort has also created a political embarrassment when Mamdani singled out hedge fund executive Ken Griffin in an online video advocating for the new tax.
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