NYC Builders Urged to Challenge Mayor Mamdani's Tax Agenda

Commercial real estate industry must use its clout to stop proposed tax hikes that could cripple the city's economy.

Published on Feb. 12, 2026

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The Partnership for New York City has challenged Mayor Zohran Mamdani's 'democratic socialism' agenda, but the powerful commercial real estate industry has remained mostly silent. Developers and landlords are urged to speak out against Mamdani's proposals to raise taxes on corporations and wealthy individuals, which could lead to tenant contractions and devastate municipal tax revenues that rely heavily on real estate. The industry's lobbying power and influence could be crucial in thwarting Mamdani's agenda before it damages the city's economic recovery.

Why it matters

The commercial real estate industry generates the largest share of New York City's tax revenue, accounting for nearly half of the city's total tax intake. Any tax hikes on corporations or the wealthy could drive businesses out of the city, leading to a collapse in commercial leasing and property tax revenue that would cripple the city's finances. The industry's silence so far has allowed Mamdani's agenda to gain momentum, but its clout could be a powerful counterweight if mobilized.

The details

Mayor Zohran Mamdani has proposed raising taxes on corporations and wealthy individuals, arguing the city needs more income tax revenue. However, this could lead to tenant contractions and discourage new leases, imperiling the commercial real estate market that is crucial to the city's finances. Real estate taxes contribute nearly half of the city's total tax intake, with commercial properties generating the largest share. Any decline in this revenue would devastate the city's budget and services.

  • In March, a Real Estate Board of New York survey revealed real estate taxes hit a record $37 billion, nearly half of the city's total tax revenue.
  • Mamdani made a 'tin-cup trip' to Albany this week to argue for more income tax revenue for the city.

The players

Partnership for New York City

A business advocacy group that has challenged Mayor Mamdani's 'democratic socialism' agenda under new President Steve Fulop.

Zohran Mamdani

The current mayor of New York City, who has proposed raising taxes on corporations and wealthy individuals.

Kathy Hochul

The governor of New York, who earlier opposed tax increases but could be swayed by Mamdani's recent endorsement.

Rob Speyer

The president of Rockefeller Center owner Tishman Speyer, who has expressed admiration for Mamdani but needs to take a stronger stance against his tax proposals.

Commercial real estate industry

The powerful industry that generates the largest share of New York City's tax revenue, including developers like Marc Holliday, Douglas Durst, Steve Roth and Gary Barnett.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.