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

Key Highlights

• Mamdani proposed a 9.5% property tax increase as an alternative to taxing millionaires.
• The proposed tax hike could generate $3.7 billion for the city’s budget.
• This proposal puts pressure on Governor Hochul amidst her re-election campaign.
• Concerns have been raised about the impact on housing affordability for residents.