In an effort to curb the city’s projected $5.4 billion budget shortfall, newly elected New York City Mayor Zohran Mamdani is offering an ultimatum to New York Gov. Kathy Hochul: either tax the ultra-wealthy, or the middle class is going to pay the bill.
The mayor announced the plan in a preliminary budget proposal on Tuesday, threatening city homeowners with a 9.5% property tax hike should the governor opt not raise income taxes on the ultra wealthy.
