NYC Mayor Warns of 10% Property Tax Hike Without Wealthy Tax

Mamdani says "drastic measures" may be needed to fund proposed budget

Published on Feb. 19, 2026

Got story updates? Submit your updates here. ›

New York City Mayor Zohran Mamdani has proposed raising property taxes by nearly 10% after failing to convince Governor Kathy Hochul to increase taxes on corporations and the wealthy. Mamdani said higher taxes on the rich remain his preferred option to fund the city's fiscal year 2027 budget.

Why it matters

Raising property taxes could place a significant burden on NYC residents, especially homeowners, at a time of economic uncertainty. The mayor's push for higher taxes on corporations and the wealthy reflects an ongoing debate over how to fund public services and infrastructure in the city.

The details

In his proposed budget for fiscal year 2027, Mayor Mamdani said he may need to resort to "drastic measures" like a nearly 10% property tax increase if the state does not approve his plan to raise taxes on corporations and high-income individuals. Mamdani stated that increasing taxes on the wealthy remains his top priority, but he is prepared to raise property taxes if the state does not cooperate.

  • Mayor Mamdani presented his proposed fiscal year 2027 budget on February 17, 2026.

The players

Zohran Mamdani

The mayor of New York City who has proposed raising property taxes by nearly 10% if the state does not approve his plan to increase taxes on corporations and the wealthy.

Kathy Hochul

The governor of New York who has so far not agreed to Mamdani's request to raise taxes on corporations and high-income individuals.

Got photos? Submit your photos here. ›

What they’re saying

“Drastic measures might be needed to fund my proposed budget if the state does not cooperate on raising taxes on the wealthy.”

— Zohran Mamdani, Mayor of New York City (Wall Street Journal)

What’s next

The New York State legislature will need to approve any tax increases proposed by Mayor Mamdani.

The takeaway

This budget standoff highlights the ongoing tension between city and state leaders over how to raise revenue, with the mayor pushing for higher taxes on the wealthy while the governor has not yet agreed to that approach.