New York City is already one of the most expensive places to live in the United States, but residents should brace themselves to pay even more for housing if the city's budget deficit persists.
On Tuesday, New York City Mayor Zohran Mamdani announced that the city was facing a budget deficit of $5.4 billion over the next two years. If the state or city does not raise income taxes to balance the budget, as is required by the city's charter, Mamdani says he will raise property taxes on over 3 million residential units and 100,000 commercial buildings by 9.5 percent.
