In his February 17, 2026, address on the disastrous preliminary budget for New York City, Mayor Zohran Mamdani outlined two paths to address an inherited multibillion-dollar gap. Mamdani outlined the first path, which involves raising taxes on the wealthiest New Yorkers and profitable corporations.
He claimed that if Albany refuses this plan, the city faces a second, more harmful path: a 9.5% property tax increase. which would generate ~$3.7 billion, as well as siphoning $980 million from the Rainy Day Fund and $229 million from retiree health benefits in FY27.
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