Mamdani Drops NYC Property Tax Hike In Budget Plan

BreakingBusinessMamdani Drops NYC Property Tax Hike In Budget PlanByAlicia Park,Reporter. I cover markets and tech.Follow AuthorMay 12, 2026, 10:54am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.ToplineNew York City Mayor Zohran Mamdani has scrapped his threatened property tax hike, a politically unpopular measure he had floated to help close a two-year budget deficit, with the reversal expected to be reflected in his executive budget Tuesday as Governor Kathy Hochul agreed to send New York City an additional $4 billion to help close the gap, according to multiple reports. NEW YORK, NEW YORK - NOVEMBER 11 (Photo by Michael M. Santiago/Getty Images)Getty ImagesKey FactsGot a tip? Share confidential information with Forbes.Editorial StandardsReprints & PermissionsLOADING VIDEO PLAYER...FORBES’ FEATURED Video