Mamdani Scraps Property Tax Hike, Counts Second-Home Revenue

New York City Mayor Zohran Mamdani has ditched his plan to raise New Yorkers’ property taxes — an unpopular measure he threatened to use to help close a two-year deficit.

The decision to drop the tax hike came as Mamdani unveiled a $124.7 billion executive budget on Tuesday — the latest version of the mayor’s spending plan for the fiscal year that begins July 1.