New York City Mayor Zohran Mamdani announced plans to raise the city’s property taxes from 9.5% to 13.45%.
The tax increase will affect 3 million housing units and more than 100,000 commercial buildings in the city.
The newly elected mayor says it is a “last resort” he is forced to resort to after failing to pass a corporate tax increase.
Mamdani also intends to use reserve funds.
It is worth recalling that Mamdani won the elections with a socialist agenda, within which he promised free public transport, free pre-school education and a reduction in the cost of living.
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