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NYC mayor proposes 9.5% property tax hike to close $5.4B gap, sparking backlash over affordability and promises.
New York City Mayor Zohran Mamdani is proposing a 9.5% property tax increase affecting over three million homes and 100,000 commercial properties to address a $5.4 billion budget gap, despite earlier campaign promises of affordability.
The move, framed as a last resort amid a standoff with Governor Kathy Hochul, faces backlash for contradicting his progressive platform and risking higher rents and outmigration.
Critics, including investor Kevin O'Leary, warn the tax hike could drive residents and wealthier taxpayers away, while city leaders oppose the plan, citing harm to small owners and businesses.
The city plans to use reserve funds and seek state-level tax changes on the wealthy, but long-term deficits remain projected through 2030.
El alcalde de Nueva York propone un aumento del 9.5% en el impuesto a la propiedad para cerrar la brecha de 5.400 millones de dólares, provocando una reacción violenta sobre la asequibilidad y las promesas.