Learn languages naturally with fresh, real content!

tap to translate recording

Explore By Region

flag NYC mayor proposes 9.5% property tax hike to close $5.4B budget gap, citing lack of state support.

flag New York City Mayor Zohran Mamdani is proposing a 9.5% property tax increase—the first in over two decades—to address a $5.4 billion budget gap for 2026 and 2027, citing insufficient state support for taxing the wealthy and corporations. flag The plan, part of a preliminary $127 billion budget, includes drawing nearly $1 billion from city reserves and $229 million from a retiree health fund. flag Mamdani calls the tax hike a last resort, emphasizing it would disproportionately affect middle- and lower-income residents, especially renters in multifamily buildings. flag Critics, including City Council leaders and Comptroller Mark Levine, warn the move is regressive and risks long-term fiscal stability. flag Governor Kathy Hochul opposes the increase but has offered $1.5 billion in immediate aid. flag The final budget must be approved by June 30, with negotiations ongoing.

29 Articles