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flag NYC mayor proposes 9.5% property tax hike to close $5.4B gap, sparking backlash over affordability and promises.

flag 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. flag 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. flag 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. flag The city plans to use reserve funds and seek state-level tax changes on the wealthy, but long-term deficits remain projected through 2030.

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