Mamdani's Tax Threat Risks Worsening NYC Housing Crisis He's Trying to Fix
Apartment landlords and renters face the toughest hit, while luxury condos would be relatively spared if property levies increase.
Apartment buildings in New York.
Photographer: Yuki Iwamura/BloombergTo help close New York City’s budget gap, Mayor Zohran Mamdani has floated the idea of a property tax increase. While that would hit all real estate owners, the people who could afford it least would end up bearing the brunt of the hike, policy and industry experts say.
The property tax proposal is just one option — and Mamdani has called it a last resort that he’d fall back on if other ways of bringing in money don’t come through. Under the plan, rates would climb about 10%, with higher levies potentially affecting more than 3 million residential units.