That’s the property tax increase Mayor Zohran Mamdani says New York City may impose if state leaders refuse to raise taxes on wealthy residents and corporations. The hike, which would be the city’s first since 2003, could generate $3.7 billion and help close a projected $5.4 billion budget gap. Mamdani called the move a “last resort” that would affect millions of residential properties and more than 100,000 commercial buildings.
