New York City Mayor Zohran Mamdani dropped a $127 billion preliminary budget for fiscal year 2027 on Tuesday, an $11 billion increase over the current year’s $115.9 billion spending plan.
Attached to it is an ultimatum for Governor Kathy Hochul. Approve income tax increases on the wealthy, or he raises property taxes by 9.5% on roughly three million residential units and 100,000 commercial properties across the five boroughs.
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