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Mayor Mamdani Proposes Tax Hikes to Address $5.4B Deficit

2/20/2026

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Summary

Story summary

New York City Mayor Zohran Mamdani proposed two tax hikes to close a $5.4 billion deficit.
Mamdani's option would raise income tax on earners over $1 million from 3.88% to 5.88%.
The alternative is a 9.5% property tax increase, a 'last resort'.
Critics say proposals could harm middle-class families and destabilize the housing market.
Ana Champeny of the Citizens Budget Commission defended Mamdani's presentation as clear.

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Story summary

New York City Mayor Zohran Mamdani proposed two tax hikes to close a $5.4 billion deficit.
Mamdani's option would raise income tax on earners over $1 million from 3.88% to 5.88%.
The alternative is a 9.5% property tax increase, a 'last resort'.
Critics say proposals could harm middle-class families and destabilize the housing market.
Ana Champeny of the Citizens Budget Commission defended Mamdani's presentation as clear.