Mayor Zohran Mamdani is set to officially scrap his plans to raise property taxes on New York City homeowners, according to a City Hall source familiar with the mayor’s plan to close the city’s $5.4 billion budget deficit.
Mamdani will present his plans Tuesday, a big test for the Democratic Socialist mayor within his first 150 days in office. The source told NBC New York the mayor’s budget presentation will include other ways to close the budget gap, noting that raising property taxes will no longer be necessary.
In February, the mayor said raising property taxes by 9.5% would generate $3.7 billion in revenue. He insisted it would be the only way to balance the city budget, unless Albany agreed to raise taxes on corporations and the wealthy…