Mayor Zohran Mamdani has proposed a potential 9.5% property tax increase for New York City as a last-resort option to address a looming budget deficit. With the city facing financial challenges, Mamdani has issued an ultimatum to Governor Kathy Hochul, urging the state to implement a wealth tax on the ultra-wealthy to help alleviate the fiscal burden on city residents. As part of his preliminary budget plan, Mamdani emphasizes that if Albany fails to act on taxing the rich, he will be compelled to raise property taxes, which he views as an undesirable yet necessary measure. The New York City Council has pushed back against this proposal, calling for more prudent budget management. In response to these financial strains, Governor Hochul has earmarked $1.5 billion in state funding to assist the city, but tensions remain high as Mamdani continues to advocate for significant changes to the tax structure.