Mamdani Floats 9.5% Property Tax Hike, Rainy Day Reserve Draw As 'Last Resort' To Plug NYC Deficit If Wealth Tax Stalls

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Feb 18

To close New York City's $5.4 billion budget gap over the next two fiscal years, newly elected Mayor Zohran Mamdani has proposed raising property taxes and tapping into reserves. Mamdani presented two...

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His preferred solution involves increasing taxes on the wealthy and corporations, a key element of his campaign. However, this requires cooperation from New York Gov. Kathy Hochul, who has shown little enthusiasm for the idea.\nIf the state does not agree to tax the rich, Mamdani may resort to raising property taxes by 9.5% for the city’s residents. This move could affect middle and working-class citizens as much as Wall Street. The Mayor described this option as “painful” and “a tool of very last resort,” hoping to work with Albany to prevent it.\nHe is proposing to tap $980 million from the city's Rainy Day Reserve in FY 2026 and $229 million from the Retiree Health Benefit Trust in FY 2027 to meet the legally required balanced budget.\n“This is something that we do not want to do,” Mamdani told the reporters. \nNotably, the Mayor can hike the property tax without state approval.\nTaxing the wealthy and implementing a rent freeze on all rent-stabilized apartments in NYC were two of the cornerstone proposals of Mamdani's mayoral campaign. Multi-unit buildings, typically home to renters, generally face higher effective tax rates than one to three-family homes, and those higher taxes on landlords could eventually lead to higher rents.\nNYC Comptroller Mark Levine stated that relying on a property tax increase and significant draw-down of reserves could have “dire consequences,” leaving the city vulnerable to economic turbulence. He emphasized the need for more assistance from Albany.\nFurthermore, Mamdani’s policies have faced criticism in the past. In November, Treasury Secretary Scott Bessent expressed skepticism and stated that Mamdani’s proposals were “old ideas that have never worked.”\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}