Mamdani Proposes 9.5% Property Tax Hike if New York Won’t Pass Wealth Tax
People like Mamdani won’t ever consider slashing the budget and stop spending. It’s appalling.
When you elect a communist, you get a communist community.
New York City Mayor Zohran Mamdani introduced his $127 billion preliminary budget plan on Tuesday.
That’s $11 billion higher than 2025. And cuts? Mamdani claimed he “identified another $1.7 billion in savings to reduce the budget gap.”
Did Mamdani explain those cuts? Of course not! Probably because he has no intention to cut any spending.
Mamdani threatened to raise property taxes by 9.5% and raid the rainy day fund if Gov. Kathy Hochul does not implement a wealth tax.
“That’s their prerogative to look at that as an option,” Hochul responded. “He’s required to put options on the table; that does not mean that’s the final resolution.”
Hochul already promised NYC $1 billion for the 2025 fiscal year and $500 million for next year.
The City Council approves the budget, meaning the 51-member legislative body will likely butt heads with Mamdani.
“At a time when New Yorkers are already grappling with an affordability crisis, dipping into rainy day reserves and proposing significant property tax increases should not be on the table whatsoever,” said Council Speaker Julie Menin. “The Council believes there are additional areas of savings and revenue that deserve careful scrutiny before increasing the burden on small property owners and neighborhood small businesses.”
People like Mamdani will never consider slashing the budget or stopping spending. It’s appalling.
I saw someone on X say that most people in NYC don’t own property. They rent their homes.
Well, um, dude. How do I economics? A higher property tax will force the landlords to raise rent.
Also, remember how Mamdani promised to be the man for the working people?
Well, the communist said if the state won’t help with a wealth tax, “he would be ‘forced’ to hit the pocketbooks of everyday New Yorkers.”
“I do not want to raise property taxes,” Mamdani insisted during his press conference. “When faced with this crisis, the question is who should pay these taxes? I believe that it should be the wealthiest New Yorkers, the most profitable corporations. I believe that they can afford to pay a little bit more.”
Give me a break. Anyone with a brain cell knows that no one is off limits for communist plans to come to fruition.
Anna Korchak, president of the Small Property Owners of New York, declared that Mamdani’s plan proves he wants to take over private property and convert “it into socialized housing.”
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Comments
Enlightened NY voters MUST increase State taxes! Utopian wokedom is getting closer . . .
“ When you elect a communist, you get a communist community…”
What happens when you elect a muslim? See: London.
Not pretty.
As the great Margaret Thatcher once said, sooner or later you run out of other people’s money.
You know that in board rooms all over the city, corporate leadership is paving the way to move out if this monster can’t be corralled.
And as was the case earlier this week with Palantir leaving Colorado, you won’t know they’re going until they’ve already left.
Does anyone wonder what he’ll do the next time he runs out of other people’s money?
Personal retirement savings. People shouldn’t have to save to retire so therefore the gov will do it to you. Oops, I mean “for you” not to you.
They’ll take your personal retirement accounts and distribute those savings among everyone so they all have a nice retirement.
Hate to tell you but the govt already does that via deficit spending/money printing. Increase the amount of dollars by printing more and the current dollars are ‘worth less’ if not quite worthless yet. Though PM prices seem to be signaling we just might be entering the last stretch of roadway.
Suck it NYC! You get what you voted for
This is designed to force landlords out. Raise property taxes and then refuse to let the landlords raise rents. They will then go around and enforce codes and defects with the intention of taking the properties.
exactly
Yep. Then NYC will take them over and do a piss poor job of maintaining them. And the entire city will turn into a distopian ghetto with a fenced off city center for the rich and powerful.
Actually, what will happen is that the landlords will sue to end rent control, and will win in SCOTUS. This will backfire gloriously!
yes
destroy those capitalist pigs who spend money so that everyone else can have jobs etc
yeah…beat them into the ground those slave owning thugs who turn their uppity noses to poc and disregard them as some sort of trash who then must riot I mean work 5x harder than whts to prove how they are really the builders of america
yeah..go madmanni!!!!!
he will cut spending to
prisons/police etc
he will work hard(er) to try and gain “friendly” compliance with fare evaders and he knows the landlords etc hav enough choice but to comply
correction:
have no choice but to comply
NYC is finally coming to Islam where the mullahs seize all property from the infidels.
Needs to be said again:
Democracy is the theory that the common people know what they want, and deserve to get it good and hard
——H. L. Mencken
Here’s the thing, in my opinion: the people who voted for him won’t recognize any correlation between their new problems and his actions as mayor. They are either rich and liberal enough to be isolated from his tax increases, police force cuts, and trash collection cuts, or poor enough to think that Mandami is being prevented from helping them, by the increasingly stingy rich. All they understand is that the greedy landlord raised the rent. They don’t care or understand why he raised it.. Thus they will need to double down on their support for him.
I’ve got a couple solutions to Cray Cray State/local property tax increases:
1. At Federal level – end the SALT deduction from Federal taxes. This makes increases of all State /Local taxes far less attractive b/c it brings the current and future tax burden into focus immediately and highlights the contrast between higher and lower tax States, Cities.
2. Require the property tax entity, usually the County, to provide a 3 year moving average of property value as an ‘offer’ to purchase. If property owners can simply say ‘sold’ to the County with a 90 day closing and no real estate commissions to the County with each tax entity liable to reimburse the County for their % NLT 30 days post closing then the property tax will be more consistent. It also supports point 1 above by helping folks move out.
SALT taxes were capped at the federal level for a while, Blue states were screaming about that. I believe that cap was removed although I could be wrong.
My town is killing me with property tax increases. They do it by continuously raising the valuation of my condo, My application for an abatement was rejected last year with no explanation. As far as I’m concerned I’m at the mercy of the local government with little recourse.
Part of BBB the Trump admin and GoP Congressional leadership caved to the demands of the ‘moderate’ GoP Rep/Sen from blue high tax States. The allowable deduction had been capped at $10K now raised to $40K with phase out beginning at $500K modified adjusted gross income. IOW a massive giveaway for blue States. Ending SALT deduction entirely is the only way to prevent giveaway/carve outs. It’s also one reason a flat tax keeps getting resistance.
If the same entity raising the valuation on your residential property faced the possibility of you playing an ‘uno reverse’ and forcing them to purchase at the three year average valuation with a 90 day closing I suspect they’d be more circumspect.
not even disagreeing but a lefty doesnt care
they knowww that our funds will continue to flow to them
they know they can starve out the people and will win the pr war b/c either a dem will gladly bail them out
or a maga will be made out to be a pariah if they dont come to the rescue
lefty always wins when they are treated as anything less than a bonafide enemy of freedom(s)
So, surprise, madman expects the rest of the state to support the city.
He’s not asking the state to give the city any additional funds. He’s asking for the state to allow the city to impose a wealth tax on city residents.
Affordability is not a crisis. It’s economics. Buy cheaper.
Commercial Mortage Backed securities are already in deep trouble because of too-low vacancy rates. idl how it works for landlords of rent controlled properties…do they get to raise rents? Or will they simply abandon properties with negative cashflow?
All I can say is…welcome to Charlotte and Dallas!! Companies are mobile and vote with their HQ.
I think you mean too-high, not too-low
The actions of an honest Democrat.
Hooray! The citizens of New York City elected overwhelmingly a communist-and now the communist is doing what communists do since the beginning of socialism. They asked for this abuse! Maybe the next election they will figure it out but I doubt it.
Yep, not even surprising. For communists the answer is always STEAL MORE.
“Well, um, dude. How do I economics? A higher property tax will force the landlords to raise rent.”
If they aren’t rent controlled.
Overall, a tax increase will squeeze landlords, causing them to defer maintenance, etc, allowing the Mayor to make them out as slum lords, condemn their property and further his housing plans
“People like Mamdani will never consider slashing the budget or stopping spending.”
Did you think doomed free groceries and doomed free childcares would build themselves?
and then when the government cant fix the toilets and foundations etc etc
they will sell it back to the capitalists who can then do the work and watch as a newer admin takes it back from them
lefty is a sneaky sob..right out in the open
He’ll never be called out on his idiocy and lunatic communist policies because he has the built. “Halo effect” of being an attractive young Muslim man. All criticism will be dismissed as Islamophobia and racist. He can always blame failures on the Zionist lobby or Israel conspiracy and his bigoted lackeys will echo the sentiment. All this dude can do is continue to fail upwards in our current environment of identity politics, wokeness and no consequences.
For time sure but eventually $ talks and BS walks. His candidacy was all about free stuff for regular people and if he comes back with higher costs, less jobs as businesses relocate ….all but the dullest will notice.
Jewish landlords. Jews not only control the banks and the media but all the NYC rental properties as well. Appropriate Jewish holdings and all the problems will be solved. Gee where have seen this before. Somewhere… Europe… On the tip of my tongue,,,,
Here in WA State, we have our own communist at the helm in Gov. Bob Ferguson. The State is currently running a $14-16B deficit. So Bob’s response is “an income tax on the wealthiest” persons in the State (sound familiar?). What’s he going to do with the new revenue, eliminate the deficit? No, he’s proposing to use the revenues for new spending, including “relief” for small business (that wouldn’t need the relief if the govt would spend and tax less, instead of more). (Note also that an “income tax” is generally considered violative of the State’s constitution.)
A local TV news poll showed that 92% of the respondents don’t believe the tax will remain restricted to “the most wealthy.”
I personally saw this sort of BS at work in RI (as some of the other readers here may have experienced too). RI went into the red in the early 70s, and instituted a “temporary” income tax to reduce the deficit. Three years later, the State was in the black again, while over a slightly longer period (5 years?) the State’s budget tripled, from $0.5B to $1.5B. And the “temporary” income tax remains in place. (This is how I recall it, the facts may differ slightly from the details provided here.)
Temporary tax? The State of MA put a “temporary 2% tax” in place in 1962 to pay for the MA Turnpike. The tax is still in place, but is now 6%. Plus there are the federal and state taxes on gasoline “to pay for the roads”. Also there is a dedicated 5 cent/gallon tax to pay for repair of bridges…. starting in 1982. All of it was a scam and remains a scam.
The tax the rich lie never gets old—unfortunately. It’s a total scam directed at the idiots that vote Democrat. The rich can adjust the timing, character, and amount of their earnings—or just move out entirely. Then, the looters in government simply switch to the target they had in mind all along: the middle class. Remember, the goal is to maximize government dependency, and leftists can’t do that unless their looting schemes target the masses. The truly rich cannot be reduced to dependency because they can afford to adapt.
I wish I could put together a mantage of reactions of useful idiots finding out that their coop maintenance or rent has gone up beyond what they can afford when they thought Comrade Mamdani was going to force “the rich” to get soaked instead of themselves.
mamdummi is the extension of denazios wife
mccray-cray
So a question, how much will the governor and legislature have to increase income taxes on the billionaires in New York, to cover Mamdani’s excessive spending? Is he talking about raising property taxes to pressure the governor to support higher income taxes?
I know! A state level property tax with the proceeds going to the city, This way NYC doesn’t have to hike their taxes,
Can landlords pass thru tax hike to tenants in rent controlled buildings?
I’ll tell you one tax I’d like to see (don’t shoot me) and that is a tax on absent owners. Developers have been building a lot of ultra luxury buildings with unit costs in the tens of millions. Various rich people, often from outside the country, purchase them but never occupy them. They do so as a tax dodge. The upshot is the units sit completely empty. A big waste in my opinion.
Wealth tax or property tax hike? Why not both, comrade! Did AOC scrawl “Tax the Rich” across the butt of her $40K MET dress in commie red for nothing? Tax the rich rats until their beady eyes pop out of their sockets! Tax them, then tax them some more!
New Yorkers voted for this communist and now they can figure out how they are going to give him the boot; it won’t be as easy as voting for him was. HahaHAha.