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Mayor Proposes 9.5% Tax Hike, Sparks Utility Concerns

2/25/2026

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Summary

Story summary

Mayor Zohran Mamdani, the New York City mayor, proposes a 9.5% property tax increase to fund a $127 billion budget.
Experts warn this could raise electric and gas bills if utilities such as Con Edison and National Grid pass costs to customers.
The Democratic Socialists of America plan a rally in Albany to push higher taxes on high earners, a stance some lawmakers say is needed to address inequality.

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Story summary

Mayor Zohran Mamdani, the New York City mayor, proposes a 9.5% property tax increase to fund a $127 billion budget.
Experts warn this could raise electric and gas bills if utilities such as Con Edison and National Grid pass costs to customers.
The Democratic Socialists of America plan a rally in Albany to push higher taxes on high earners, a stance some lawmakers say is needed to address inequality.