Uproar as NYC’s ‘communist’ mayor announces crippling tax for ALL homeowners after promising to only go after billionaires

New York City’s left-leaning mayor, Zohran Mamdani, is facing backlash over a sweeping property tax increase that will affect millions of homeowners, even though he promised to make only the rich pay more.

Mamdani took office in January following a landslide victory in November’s elections on a promise to compete with the city’s wealthiest residents. A key campaign commitment was to impose a flat 2 percent tax on individuals earning over $1 million.

But less than two months into his tenure, the 34-year-old admitted the situation may not be as simple as he thought. He warned Tuesday he might have to raise property tax rates in NYC by 9.5 percent to raise money.

Mamdani says this would be a “last resort” if the state’s governor, Kathy Hochul, refuses to sign off on a plan to raise income taxes on the wealthy.

In other words, if he can’t hit the rich with higher income taxes, he’s prepared to turn to the only lever he directly controls: property taxes.

This doesn’t just affect Manhattan penthouse owners. Mamdani said the property tax increase would affect three million single-family homes, co-ops and condos, as well as more than 100,000 commercial buildings.

The mayor even acknowledged that his solution would force higher taxes not just on the wealthy but also on millions of working and middle-class New Yorkers.

‘If we cannot follow this first path, we will have to take a much more damaging path as a last resort – one where we will be forced to use the only tools the city has at its disposal: raising property taxes and plundering our reserves.’

Mamdani, who took office in January after defeating her rivals in November’s mayoral election, won the support of New Yorkers by promising to take on the city’s wealthiest residents (pictured: Mamdani and husband Rama Duawji at moving day at Gracie Mansion)

His campaign plans included a flat 2 percent tax on earnings over $1 million and a price freeze on the city’s rent-stabilized apartments.

Mamdani made the excuse that NYC mayors have little authority to raise taxes without the governor’s approval. He said the only way to solve a looming problem is to raid the city’s reserve funds along with a property tax increase. budget The current account deficit is expected to reach 5.4 billion dollars in two years.

‘The second way is painful,’ he added. ‘We will continue to work with Albany to prevent this.’

The budget plan is the first plan Mamdani has proposed since becoming mayor. The total is $127 billion, or $5 billion more than the current budget. The new budget will begin July 1, following amendments and discussions with the City Council.

By law, the municipality must balance its budget, meaning it cannot spend more than it brings in. But the mayor’s initial idea to balance the budget didn’t seem like the last option.

Instead, it appeared to be a way to pressure Hochul to support his plan to raise taxes on people making $1 million or more each year.

Lately Mamdani has tried not to upset the governor. He is a pro-business Democrat running for re-election this year, and although they have different political views, they have established a friendly working relationship.

The mayor recently backed Hochul’s re-election and told supporters he likely won’t attend the ‘Tax the Rich’ rally planned for next week in Albany.

Mamdani, who warned Tuesday that property taxes could rise, also praised the governor for providing more financial aid to New York City; This includes $1.5 billion announced Monday for various city services.

Mamdani excused that New York mayors have little authority to raise taxes without approval from the state’s governor, Kathy Hochul (image left)

This proposed 9.5 percent increase would apply to three million single-family homes, co-ops and condos, as well as more than 100,000 commercial buildings.

Still, the idea of ​​raising property taxes — something that hasn’t happened since Michael R. Bloomberg became mayor — upset other city leaders, including city comptroller Mark D. Levine and City Council speaker Julie Menin, who had influence on the final budget.

Mamdani caused chaos in New York City before he even took office as mayor.

After his huge success in the primaries, the increasing likelihood of a progressive mayor drove New Yorkers out of the city and into the surrounding suburbs, even to other states.

As Mamdani moves closer to office, wealthy city dwellers begin looking for properties outside the Big Apple, according to real estate agents in several states.

Some explored Westchester, a leafy suburb just outside the city. “We’re definitely seeing a correlation between Zohran Mamdani’s surprise victory in the Democratic primary and the surge in real estate interest in Westchester,” area real estate agents Zach and Heather Harrison noted in October.

“Since the summer, nearly every buyer we’ve had from the city to view homes in Westchester has cited the mayoral election as one of the drivers of shopping in the suburbs,” they said. realtor.com.

Others looked to the neighboring state of Connecticut, which offers neighborhoods with more right-leaning politics. Greenwich, Connecticut, has emerged as a hot spot for those bracing for a wave of ‘wokeness’ from City Hall.

Some went as far as Florida; He went house hunting in the Palm Beach neighborhood, home to President Donald Trump’s Mar-A-Lago mansion. Indeed, thousands of real estate agents in Palm Beach have noticed an increase in the number of New Yorkers looking to buy homes in the area.