Uproar as NYC's 'communist' mayor announces crippling tax for ALL homeowners after promising to only go after billionaires
By Martha Williams
Daily Mail
Feb 19, 2026
New York City's 'woke' mayor
Zohran Mamdani has proposed sweeping property tax bumps despite his
campaign promise to target the wealthy
New York City’s left-wing mayor Zohran Mamdani is facing backlash over a sweeping property tax increase that would hit millions of homeowners - despite promising only to make the rich pay more.
Mamdani swept into office in January after a commanding win in November's election on the back of pledges to take on the city's richest residents. A key campaign pledge was a flat 2 percent tax on individuals earning over $1 million.
But less than two months into his term, the 34-year-old has admitted it might not be as simple as he thought. On Tuesday he warned he may need to hike property tax rates in NYC by 9.5 percent to raise money.
Mamdani says it's a 'last resort' if the state's governor, Kathy Hochul, refuses to sign off on the his plan to raise income taxes on the wealthy.
In other words, if he cannot hammer the rich with higher income taxes, he is prepared to turn to the one lever he directly controls - property taxes.
That would not just hit penthouse owners in Manhattan. The property tax hike would hit three million single-family homes, co-ops, and condos as well as over 100,000 commercial buildings, Mamdani said.
The mayor even admitted that his solution would not only force higher taxes upon the wealthy, but also millions of working and middle-class New Yorkers.
'If we cannot follow this first path, we will be forced onto a much more damaging path of last resort - one where we have to use the only tools at the city's disposal: raising property taxes and raiding our reserves.'
Mamdani, who took office in January after crushing his opponents in November's mayoral election, garnered support from New Yorkers by pledging to take on the city's richest residents (pictured: Mamdani and his wife Rama Duawji during moving day at Gracie Mansion)
His campaign plans included a flat 2 percent tax on individuals earnings over $1 million, and a price freeze on the city's rent-stabilized apartments.
Mamdani made the excuse that NYC mayors have little power to raise taxes without approval from the governor. He said that a city property tax increase along with raiding the city's reserve funds was the only way to address an impending budget deficit that could reach $5.4 billion in two years.
'The second path is painful,' he added. 'We will continue to work with Albany to avoid it.'
The budget plan is the first one proposed by Mamdani since he became mayor. It totals $127 billion, which is $5 billion more than the current budget. The new budget would start on July 1 after changes and discussions with the City Council.
By law, the city must balance its budget, meaning it cannot spend more than it brings in. However, the mayor's first idea for balancing it did not seem like a last option.
Instead, it appeared to be a way to pressure Hochul to support his plan to raise taxes on people who earn $1 million or more each year.
Recently, Mamdani has tried not to upset the governor. She is a pro-business Democrat running for re-election this year, and even though they have different political views, they have formed a friendly working relationship.
The mayor recently supported Hochul's re-election and told supporters he would probably not attend a 'Tax the Rich' rally planned in Albany next week.
On Tuesday, while warning that property taxes might increase, Mamdani also praised the governor for giving New York City more financial help, including $1.5 billion announced Monday for various city services.
Mamdani made the excuse that NYC mayors have little power to raise taxes without approval from the state's governor Kathy Hochul (pictured left)
This proposed 9.5 percent increase would apply to three millions single-family homes, co-ops, and condos as well as over 100,000 commercial buildings
Even so, the idea of raising property taxes - something that has not happened since Michael R. Bloomberg was mayor - upset other city leaders, including the city comptroller, Mark D. Levine, and the City Council speaker, Julie Menin, who also has influence over the final budget.
Mamdani caused chaos in New York City before he even entered his mayoral role.
After his great success in the primary, the growing likelihood of a progressive mayor drove New Yorkers out of the city and into surrounding suburbs - or even other states.
According to realtors across multiple states, wealthy city-dwellers began searching for properties outside of the Big Apple as Mamdani got closer to office.
Some explored Westchester, a leafy suburb just outside of the city. 'We are absolutely seeing a correlation between Zohran Mamdani's surprise win in the Democratic primary and an uptick in real estate interest in Westchester,' Zach and Heather Harrison, real estate agents in the area, noted back in October.
'Since the summer, nearly every buyer from the city we have taken out to see homes in Westchester has mentioned the mayoral election as one of the drivers for shopping in the suburbs,' they told Realtor.com.
Others looked to the neighboring state of Connecticut, which offers neighborhoods with more right-leaning politics. Greenwich, Connecticut, emerged as a hot spot for those bracing for a 'woke' wave from City Hall.
Some went as far as Florida - house-hunting in the Palm Beach neighborhood, home to President Donald Trump's Mar-A-Lago estate. Indeed, real estate agents thousands in Palm Beach noticed an uptick of New Yorkers looking to buy homes in the area.
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