Mamdani floats New York City property tax raise if state won’t tax millionaires

The Guardian - World NewsEN 3 min read 100% complete by Edward HelmoreFebruary 18, 2026 at 06:29 PM

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medium article 3 min

New York City Mayor Zohran Mamdani is proposing two budget options to address the city's rising deficit. The primary proposal seeks state approval to raise income and corporate taxes on the city's wealthiest residents. As an alternative, Mamdani is considering a 9.5% property tax increase affecting millions of homeowners and commercial buildings. Mamdani prefers taxing the wealthy, arguing it's a fairer and more sustainable solution. However, Governor Kathy Hochul has resisted income tax increases, offering $1.5 billion in state aid instead. The property tax proposal faces opposition from city lawmakers who deem it an extreme measure. The debate centers on how to best address the city's budget shortfall, inherited by Mamdani, while balancing the needs of residents and businesses.

Key Entities & Roles

Key Player Opposition Context

Albany 30% Linda Lee 30% Julie Menin 30% Eric Adams 40% New York Times 40% Mark Levine 40% New York ×270% Kathy Hochul ×480% New York City ×280% Zohran Mamdani ×590%

Keywords

property tax 100% tax raise 90% budget proposals 80% income tax 70% budget deficit 60% corporate tax 60% fiscal policy 50% new york city 50% wealthiest residents 40%

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Neutral

Score: -0.10

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The Guardian - World News

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property tax tax raise budget proposals income tax budget deficit corporate tax fiscal policy new york city wealthiest residents

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