independent.ie: https://www.independent.ie/business/world/zohran-mamdani-ditches-unpopular-plan-to-raise-new-york-property-taxes/a/151479969.html

Speaker: —
Subject: NY-LEG-A036-MAMDANI
Source: GDELT news · original
Published: Tuesday, May 19, 2026

Zohran Mamdani ditches unpopular plan to raise New York property taxes | Irish Independent Menu ePaper Newsletters Puzzles Newspaper Archives Our Journalism Contact Us Subscribe Log in Latest Irish News My County Sport Subscribe Zohran Mamdani ditches unpopular plan to raise New York property taxes New York city

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Zohran Mamdani ditches unpopular plan to raise New York property taxes | Irish Independent Menu ePaper Newsletters Puzzles Newspaper Archives Our Journalism Contact Us Subscribe Log in Latest Irish News My County Sport Subscribe Zohran Mamdani ditches unpopular plan to raise New York property taxes New York city mayor Zohran Mamdani alongside state governor Kathy Hochul. Photo: Getty Laura Nahmias 13 May 2026 5:30 AM Share New York city mayor Zohran Mamdani has ditched his plan to raise New Yorkers&#x27; property taxes – an unpopular measure he threatened to use to help close a two-year deficit. The decision to drop the tax hike is expected to be included in Mr Mamdani&#x27;s executive budget on Wednesday, according to a person familiar with the matter. That marks the latest version of the mayor&#x27;s spending plan for the fiscal year that begins July 1. Earlier this year, Mr Mamdani threatened to raise property taxes by nearly 10pc as a way to lobby governor Kathy Hochul for more funding. He had little support for an across-the-board increase, with city council members including speaker Julie Menin opposing the plan. Any increase would have needed to be passed by that chamber. Ms Hochul and Mr Mamdani also announced on Tuesday that the state would provide an additional $4bn (€3.4bn) in new support for the city to help close the budget gap, according to a press release. Ms Hochul proposed a new surcharge on expensive second-homes in New York city, a so-called pied-a-terre tax that is being considered as part of state budget negotiations. Details of how that tax could be implemented are still unclear. Ms Mamdani&#x27;s preliminary budget proposal alarmed credit rating companies, who changed their outlook on the city to negative, citing the city&#x27;s long-term structural deficits. The mayor also had proposed sweeping nearly $1bn from the city&#x27;s savings, which are supposed to be used in times of fiscal calamity, to help close the gap. For months, Mr Mamdani has raised warnings for the city&#x27;s financial situation – calling it "a generational fiscal crisis" that rivals the Great Recession. He has repeatedly called for higher taxes on the wealthy and corporations to help right New York city&#x27;s budget, though those asks have been met with resistance by Ms Hochul. Raising property taxes was one of the few actions to address New York city&#x27;s financial challenges that would not have required state approval. Other changes, including altering the income or corporate levies, would require sign-off from the state legislature. Why you can trust the Irish Independent Story Labels Explained - AI Policy Business World Latest in World World Merger to create US power giant as AI drives demand 5:30 AM World Greenland’s leader holds talks with US and says Donald Trump still wants to take over island 5:30 AM World Revenue at Irish arm of X slumped after Elon Musk acquisition 7:58 PM World Germany’s Merz says he wouldn’t encourage his children to stu

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