Zohran Mamdani Proposes 9.5% Tax Hike to Close $5.4B NYC Budget Deficit

Zohran Mamdani unveiled a $127 billion budget proposal featuring a 9.5% property tax increase to close a $5.4 billion deficit.The mayor framed the hike as a last resort following opposition from Kathy Hochul regarding his preferred plan to tax wealthy residents.While Kathy Hochul provided $1.5 billion in state aid, she rejected the 2% income tax increase on high earners and corporations.Julie Menin and other local leaders criticized the plan as the city prepares to deplete a $10 billion reserve fund by July.