Zohran Mamdani Faces Backlash Over Proposed 9.5% New York Property Tax Hike

New York City Mayor Zohran Mamdani proposed a 9.5% property tax increase as part of a $127 billion preliminary budget to address a significant deficit.During an interview on CNN, investor Kevin O'Leary condemned the plan as a catalyst for a mass exodus while Governor Kathy Hochul provided $1.5 billion in state aid.The Citizens Budget Commission warned the tax hike could damage economic competitiveness as the city seeks revenue following a dispute over taxing millionaires.