Economics 101, according to Mamdani:
New York City Mayor Zohran Mamdani introduced his $127 billion preliminary budget plan on Tuesday. …
Mamdani threatened to raise property taxes by 9.5% and raid the rainy day fund if Gov. Kathy Hochul does not implement a wealth tax.
“That’s their prerogative to look at that as an option,” Hochul responded. “He’s required to put options on the table; that does not mean that’s the final resolution.”
Hochul already promised NYC $1 billion for the 2025 fiscal year and $500 million for next year.
Not enough, Hochul.
And landlords – who do own a lot of the property in New York City – are constrained from raising some rents enough to cover the increase (rent stabilization and rent control, which affect over a million NYC rental properties, according to Google AI), unless something is done to change that, which would be highly unlikely under Mamdani. And there are plenty of actual home owners (as opposed to landlords) in the outer boroughs who are not extremely wealthy. But to Mamdani, all property owners are kulaks, and they must be sacrificed for the good of the underclass:
kulak, (Russian: “fist”), in Russian and Soviet history, a wealthy or prosperous peasant, generally characterized as one who owned a relatively large farm and several head of cattle and horses and who was financially capable of employing hired labour and leasing land. …
In 1927 the Soviet government began to shift its peasant policy by increasing the kulaks’ taxes and restricting their right to lease land; in 1929 it began a drive for rapid collectivization of agriculture. The kulaks vigorously opposed the efforts to force the peasants to give up their small privately owned farms and join large cooperative agricultural establishments. At the end of 1929 a campaign to “liquidate the kulaks as a class” (“dekulakization”) was launched by the government. By 1934, when approximately 75 percent of the farms in the Soviet Union had been collectivized, most kulaks—as well as millions of other peasants who had opposed collectivization—had been deported to remote regions of the Soviet Union or arrested and their land and property confiscated.
Was this the “affordability” the youth of NYC voted for? Of course, at the moment it’s just leverage on Hochul. But if Albany – and the rest of New York state, which did not vote for Mamdani – don’t do what they mayor says, he will blame Hochul and upstate rather than take any responsibility. Here’s the way Mamdani put it on X:
After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — and two paths.
One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state.
The other, a last resort: balance the budget on the backs of working people using the only tools at the City’s disposal. …
… [W]e look forward to partnering with Albany to protect working New Yorkers.
See how it goes? The NY Times adds:
The suggested 9.5 percent increase would affect more than 3 million single-family homes, co-ops and condos and over 100,000 commercial buildings, Mr. Mamdani said as he delivered his preliminary spending plan.
The mayor acknowledged that his proposal would not merely force the wealthy to pay more taxes, but would also be a “tax on working- and middle-class New Yorkers,” and stressed that this was not his first choice.
Hochul and those greedy up-staters made me do it.
And that NYC budget? Governor DeSantis of Florida points out that NYC’s $127 billion budget is higher than Florida’s budget of $117, and Florida has about three times as many people.

