How Mamdani’s Income and Property Tax Proposals Could Affect New Yorkers

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by Sally Goldenberg, Dana Rubinstein and Grace Ashford

February 19, 2026

AI-Generated Deep Dive Summary

Mayor Zohran Mamdani has proposed two controversial tax options aimed at addressing a $5.4 billion budget gap over two years in New York City. The first option would raise property taxes as a "last-resort" measure if state officials fail to increase income taxes on high earners. The second option focuses on convincing Governor Kathy Hochul to impose higher taxes on the wealthy, which aligns with Mamdani's long-standing stance on taxing the rich. However, neither proposal appears politically feasible, as Hochul has repeatedly refused to raise income taxes and is preparing for re-election. Additionally, City Council Speaker Julie Menin has indicated opposition to a property tax hike. Mamdani’s tax strategy reflects his core belief that fiscal responsibility should not disproportionately impact working- and middle-class residents. His preference is to target the wealthiest New Yorkers and corporations, but he acknowledges the practical challenges of securing such measures. The budget gap, though smaller than initially feared ($12 billion), remains significant and requires immediate action. Mamdani’s dilemma highlights a broader conflict between addressing fiscal needs and maintaining political alliances. The proposed tax increases have sparked criticism from opponents who argue that they could harm middle-class families already grappling with rising living costs. Critics also point out that the property tax hike would undermine Mamdani’s progressive image, which was central to his rise to power. His endorsement of Hochul’s re-election bid has further limited his leverage in negotiations. This situation underscores the delicate balance between fiscal policy and political strategy in New York City governance. For readers interested in local politics and economic policy, this debate offers insight into the challenges of addressing budget deficits while maintaining public support. The outcome of these proposals will shape the city’s financial stability and Mamdani’s political future.

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Originally published on NYT Homepage on 2/19/2026