Mamdani balances NYC’s budget by taxing the rich, but questions linger

“We pulled New York City back from an existential fiscal brink,” Mamdani said in an address.

Image via NYC Mayor’s Office

Following the release of his spending plan, New York City Mayor Zohran Mamdani’s $124.7 billion budget is drawing debate for avoiding broad property tax hikes by targeting luxury second-home owners and leaning heavily on Albany for support.

Deal struck, tax unveiled

To close a $12 billion deficit he inherited, Mamdani combined …