New York City Mayor Zohran Mamdani is under fire for suggesting a significant property tax hike as a means to address a looming $5 billion budget deficit. Critics, including House Democrats, argue that his proposed wealth tax measures will not be effective, prompting concerns that the burden may shift to middle-class residents instead. Mamdani has threatened a 9.5% increase in property taxes if the state legislature does not approve his plans to tax the wealthy. His administration recently unveiled a balanced preliminary budget for the upcoming fiscal year, which includes cuts to the NYPD and investments in racial equity initiatives. However, many are questioning the sustainability of his financial strategies, as he pushes for state support while facing discontent from various political factions, including Staten Island Democrats. The ongoing debate signals broader concerns about fiscal responsibility and the potential impact on NYC homeowners and tenants.