Mayor Mamdani pitches more than $1 billion in education cuts, housing savings to fill budget hole - Gothamist

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New York's mayor Zohran Mamdani abandons 9.5% property tax by imposing new $500 MILLION levy on billionaires.

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New York City Mayor Zohran Mamdani has dropped his proposed 9.5 per cent property tax increase after securing $4billion (£2.96billion) in state funding.The 34-year-old mayor had warned in February that the substantial levy on more than three million residential and commercial properties would be necessary as a "last resort" should he fail to convince Governor Kathy Hochul to implement wealth taxes.A key component of the state funding package is a new "pied-à-terre" tax targeting the super-wealthy.It is estimated to generate $500million (£370million) annually from second homes valued at $5million (£3.7million) or more.

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TRENDING Stories Videos Your Say The measure forms part of Mr Mamdani's broader "tax the rich" strategy to address the city's fiscal challenges.Mr Mamdani unveiled the new tax in a video recorded outside a $238million (£176million) penthouse owned by Ken Griffin, situated on the exclusive stretch of Manhattan known as Billionaires' Row.The hedge fund billionaire reacted...

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Mayor Mamdani pitches more than $1 billion in education cuts, housing savings to fill budget hole - Gothamist.

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Mayor Mamdani pitches more than $1 billion in education cuts, housing savings to fill budget hole GothamistMayor Zohran Mamdani says New York City has balanced budget for FY 27; avoids property tax increase ABC7 New YorkMamdani, Hochul announce another $4 billion from state to fill NYC budget gap NBC New YorkWednesday's Headlines: The Budget Fix Is In Edition Streetsblog New York CityHow Mamdani and Hochul Are Solving New York City's Budget Crisis

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