Editorial: Middle class bears burden of mayor’s fiscal strategy
Mayor Zohran Mamdani’s threat to raise property taxes by 9.5 percent if Albany refuses progressive income tax increases puts the cart before the horse and betrays the working families who elected him. The mayor calls it a “last resort,” but in reality it represents a political bluff aimed at the governorone likely to fail, leaving working New Yorkers to suffer the consequences. Property tax increases would devastate the middle class: the very residents whose tax dollars fund schools, police, and sanitation. These homeowners and condo owners already pay some of the nation’s highest property tax rates, struggle with rising maintenance costs and utility bills, and now face potential rent freezes for landlords managing stabilized buildings. A property tax increase would push more toward moving out of the city entirely, replicating the middle-class exodus that triggered the 1975 fiscal crisis and enabled the neoliberal “planned shrinkage” policies that devastated poor communities.
Inequity Baked Into Current System
Worse, New York’s property tax system is fundamentally inequitable. Homeowners in predominantly Black neighborhoods pay property tax rates double those in white neighborhoods for comparable properties. A 9.5 percent increase would worsen this racial disparity, concentrating burden on communities already disadvantaged by systemic inequality. This contradicts Mamdani’s stated commitment to racial equity and affordable housing.
The Bluff Unlikely to Work
Governor Hochul has repeatedly stated she will not raise income taxes in an election year. She will not reverse course because of Mamdani’s property tax threat. The mayor likely knows this. If he implements the increase anyway, he punishes working families for Albany’s obstinacy. If he backs down, he appears weak and the crisis remains.
Budget Math and Real Choices
The city faces a $5.4 billion gap in a $127 billion budget. This is substantial but manageable through a combination of revenue and spending adjustments. Income tax increases on millionaires and corporate tax increases could raise $2 billion-plus. Modest reductions in some programs could close more of the gap. Mamdani could propose real spending priorities and defend themmore teachers, more housing investment, maintained service levelsrather than threatening to squeeze homeowners.
Political Cowardice Versus Leadership
Instead, Mamdani performs fiscal prudence for bond markets and wealthy interests, even as his administration claims to champion working people. This is political cowardice. The mayor ran on “tax the rich” and promised to make housing affordable. Property tax increases do the opposite. Real leadership would mean telling Hochul: “We will raise taxes on millionaires and corporations. If you refuse state authorization, we will fight in court and the court of public opinion.” Whether Mamdani is capable of such fights remains unclear. For now, working New Yorkers should prepare for either a property tax hike that forces them out or a continued fiscal crisis that erodes services they depend on. Neither scenario is acceptable, and both result from the mayor’s unwillingness to actually fight for his stated values. For property tax data and equity analysis, see Habitat Magazine. Understand NYC’s fiscal history via the NYC Municipal Archives. Track current budget proposals at NYC OMB. Read about tax policy implications in Citizens Budget Commission reports.
