Mamdani Warns Property Taxes Could Increase, Announces $127B Budget

During a press conference on Tuesday, Mamdani spoke about how as mayor of the city, he has a “legal obligation to balance the budget,” adding that he would “meet that obligation.”

Mamdani stated that when his administration entered office, they “inherited a historic budget gap,” and that along with his administration’s “aggressive savings plans,” “daily incorporation of updated revenue and bonus estimates,” and aid from New York Gov. Kathy Hochul (D), they lowered the deficit “from an initial $12 billion to $5.4 billion.”

Mamdani continued to offer “two paths to bridge this gap,” one which would raise taxes “on the richest New Yorkers, and the most profitable corporations,” while the other would “raise property taxes.”

“There are two paths to bridge this gap,” Mamdani continued. “The first is the most sustainable, and the fairest path. This is the path of ending the drain on our city, and raising taxes on the richest New Yorkers, and the most profitable corporations. The onus for resolving this crisis should not be placed on the backs of working and middle-class New Yorkers.”

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