Mamdani’s Budget ‘Ultimatum’: State-led 2% tax on millionaires or city-mandated 9.5% property tax hike

Democratic socialist New York City Mayor Zohran Mamdani proposed a 9.5% increase in the city's property tax rate as a "last resort" to help close a projected $5.4 billion budget gap over the next two years — if Albany refuses to approve new taxes on wealthy residents and profitable corporations.