Published May 12, 2026, 10:17 AM ET · Updated 6 months ago · 2 sources
Mamdani Scraps Planned NYC Property Tax Hike in Revised Budget
bloomberg
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Original Report
INFERY
New York City Mayor Zohran Mamdani has abandoned his proposal to increase property taxes, a move initially considered to address a two-year budget deficit. This decision is expected in his revised executive budget. The plan faced opposition from City Council members and was seen as a tactic to pressure Governor Kathy Hochul for more state funding. The state will provide $4 billion in new support to help close the budget gap.