Mamdani to Propose First NYC Property Tax Hike in Over 20 Years to Narrow Budget Shortfall
New York City Mayor Zohran Mamdani intends to put forward a preliminary budget that would include the city’s first property tax increase in more than two decades, paired with withdrawals from reserve funds, to help close a $5 billion gap. The proposal arrives after state aid announcements and follows the mayor’s warning of a larger two-year deficit…