Posted on 02/17/2026 4:07:46 PM PST by Libloather
Follow live updates on New York City politics as Mayor Zohran Mamdani announced a record $127 billion budget proposal Tuesday.
The eye-popping amount — that one insider called “insanity” — is up around $11 billion from the current year.
The socialist city leader’s plan includes a whopping 9.5% proposed property tax hike on New Yorkers, which he claims would be a “last resort” — while allocating another $1.2 billion for migrants.
Mamdani, 34, unveiled his preliminary budget from the Blue Room at NYC City Hall this afternoon.
Get the latest news, analysis and more from our local politics reporters with up-to-the-minute updates:
Mamdani claims NYC property taxes will need to be raised by 9.5% and wants to drain $1 billion from rainy day fund By Hannah Fierick
Mayor Zohran Mamdani has declared that property taxes will require a 9.5% hike across NYC to make up for Gov. Kathy Hochul's refusal to hike taxes on NY's wealthy. He will also drain the city's rainy day fund by $1 billion.
He repeatedly stressed Tuesday that this hike will be a "last resort" that will only materialize in the event Hochul doesn't follow through on tax hikes.
(Excerpt) Read more at nypost.com ...
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Who is that military man? Captain Kangaroo?
_____________
General Augusto José Ramón Pinochet Ugarte, President of Chile.
He supposedly tried to test, if Communists can fly by dropping them out of choppers.
A billion here and a billion there and pretty soon you are talking about lot of money…
“1.27 gigabucks!”
GREAT SCOTT!
😆
Numerically, there are a huge number of Republican voters in NYC - perhaps funding a “refugee program” for these Republicans to help them escape this and moving them into marginal House districts in other states in time for this year’s elections could be an option...LOL
NYC is $5 Billion in the hole. There is only one thing to do. Raise spending another $11 Billion!
Mamdani is going straight to the “running out of other people’s money” stage of socialism in record time.
I wish.
“targeting “record-high Wall Street bonuses” toward raising revenues as an alternative”
well, that would drive what remains of Wall Street to other states pretty quickly ... then there would be NO bonuses to tax at all, much less “record-high” bonuses ...
I am a bit confused. He said they were short 12Billion this year on a smaller budget. If they increase another 11Billion, then they should be 23 billion of the 123 billion short, or about 20%. Even raising taxes 3-4 Billion by increasing property taxes isn’t going to manage that shortfall. Since people and businesses are already fleeing, it may actually be 20-50 Billion shortfall.
Again, the math is something the socialists and communists never get right, like gravity it just is.
I think that is nearly the budget of the free state of Florida.
But don’t worry NYC property owners! All of your bus rides will be free! What a City! ;-)
Governor Kathy Hochul announces $1.5 billion for NYC as Buffalo seeks similar support
Note to the the other 49...
Guess where the money would be coming from from since state and local governments can't tax their way out of this or print money.
President Trump is the only guy standing between us and the Deep State.
We'd all better have his back when Congress tries to stick everyone else with the tab for profligate state and local spending.
And I say that as someone who lives in NYS.
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