From Newsgroup: nyc.politics

Mayor Zohran Mamdani laid out two potential paths Tuesday to close what
he says is a $5.4 billion dollar budget gap in New York City.

In one, Albany would raise taxes on the richest New Yorkers. In the
other, the City would raise property taxes for the first time since the
late 2000s. The City could generate $3.7 billion by raising the property
tax by 9.5%, Mamdani said.

Gov. Kathy Hochul has repeatedly said she is not on board the mayor's
first, and more preferred, option. If Albany does not agree to taxing
the wealthiest New Yorkers, Mamdani says the city would need to raise
property taxes in New York City to fill the budget gap.

rCLIf we do not go down the first path, the city will be forced down a
second, more harmful path. Faced with no other choicerCawe would have to
raise property taxes. We would also have to raid our reserves,rCY Mamdani
said at TuesdayrCOs briefing.

rCLThe options of the second path are the options of last resort,rCY the
mayor continued.

Property taxes stand as the cityrCOs largest source of revenue, and as the
only tax within the cityrCOs power to raise.

The ultimatum from City Hall comes just one day after Hochul announced
she would bail the City out with an additional $1.5 billion.

rCLIrCOm not supportive of property tax increase, I donrCOt know that thatrCOs necessary,rCY Hochul said at an unrelated event after word of the property
tax idea leaked.

The governor has suggested that Mamdani should look at where adjustments
can be made in current spending, weed out any abuses, and avoid rCLtaxing
for the sake of taxing.rCY On Monday, Hochul pledged another $1.5 billion
to help dig out the cityrCOs budget hole, in addition to helping him
secure new funding for child care programs.

The last time New York City increased property taxes was under former
Mayor Michael Bloomberg's term.

https://www.nbcnewyork.com/new-york-city/zohran-mamdani-nyc-budget-plan/6 463835/

--- Synchronet 3.21b-Linux NewsLink 1.2