Overview
- Mayor Zohran Mamdani is pressing Albany to authorize higher taxes on millionaires and corporations, warning he will pursue a 9.5% city property‑tax rate increase if state approval does not come.
- Governor Kathy Hochul opposes the mayor’s income and corporate tax hikes this year, leaving the fate of his request with a skeptical Legislature.
- Partnership for New York City CEO Steve Fulop cautions that raising the corporate rate to 11.5% could disadvantage New York City versus New Jersey and encourage relocations across the Hudson.
- The state Public Service Commission confirms that Con Edison and National Grid pass property‑tax costs to customers, so a citywide increase would likely raise energy bills.
- Mamdani’s $127 billion preliminary budget cites a roughly $5.4 billion two‑year gap, and City Council leaders have labeled the proposed property‑tax increase dead on arrival.