"He's put a pretty extreme option on the table, which is a combination of raising property taxes and taking money from reserves and relying on some pretty aggressive revenue projections to boot,"
"This is something that we do not want to do,"
"forced to go down a second, more harmful path of property taxes and raiding our reserves."
Mayor Zohran Mamdani proposed a 9.5% property-tax increase and tapping reserve funds to address a roughly $5 billion budget gap. The increase would affect all property classes, covering more than 3 million residential and over 100,000 commercial units, and would raise $3.7 billion in the next fiscal year. The proposal appears in a $127 billion preliminary budget. The state committed $1.5 billion in additional aid for the current and next fiscal years plus $510 million for future years. Mamdani attributed a $12.6 billion two-year deficit to prior underbudgeting for various expenses.
Read at Audacy
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