City Council to Mamdani: No need to raise property taxes

The City Council found a $6 billion alternative to raising property taxes and dipping into the city’s reserves. The mayor says the proposal is “unrealistic.” The proposed savings, according to the City Council’s 60-page response to Mayor Zohran Mamdani’s $127 billion preliminary budget, avoid the mayor’s proposal to raise property taxes by 9.5 percent and to raid the city’s rainy day fund and Retiree Health Benefit Trust to fill a $5.4 billion, two-year budget gap.   The $6 billion figure springs from recalculations of various estimated revenues and costs, as well as “efficiencies” identified by the Council, such as requiring competitive […] This article originally appeared on The Real Deal. Click here to read the full story.