Mamdani’s Budget ‘Ultimatum’: State-led 2% tax on millionaires or city-mandated 9.5% property tax hike

OAN Staff Katherine Mosack and Brooke Mallory

Democratic socialist New York City Mayor Zohran Mamdani proposed a 9.5% increase in the city’s property tax rate as a “last resort” to help close a projected $5.4 billion budget gap over the next two years — if Albany refuses to approve new taxes on wealthy residents and profitable corporations.

“Today, I’m releasing the City’s preliminary budget,” Mamdani (D-N.Y.) announced in an X post on Tuesday. “After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — and two paths.”

The first option, according to Mamdani, is that “Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state.”

“The other, a last resort: balance the budget on the backs of working people using the only tools at the City’s disposal,” he added.

Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — and two paths.

One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between…

— Mayor Zohran Kwame Mamdani (@NYCMayor) February 17, 2026

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