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Tax Pledge Backfires as Mamdani Floats Property Hike

by Andrew Powell
February 20, 2026 at 4:41 am
in News
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Tax Pledge Backfires as Mamdani Floats Property Hike

NEW YORK, NEW YORK - FEBRUARY 19: People walk through a luxury shopping district in midtown Manhattan on February 19, 2026 in New York City. New York City’s democratic socialist Mayor Zohran Mamdani surprised many New Yorkers with a proposal to cover the city’s budget shortfalls by raising city property tax rates by 9.5% unless the state of New York enacts his proposed tax hikes on corporations and the ultra-wealthy. New York City, home to more billionaires than any other city, faces a $5.4 billion budget gap as the new mayor tries to implement his progressive agenda. (Photo by Spencer Platt/Getty Images)

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A resurfaced campaign clip is dogging New York City Mayor Zohran Mamdani after he warned of a potential property tax increase that critics say contradicts his earlier promises.

According to the New York Post, the video, filmed during the campaign and shared widely online, shows Mamdani assuring voters that only the city’s highest earners would face higher taxes.

“I don’t want to pay more taxes,” “Subway Takes” host Kareem Rahma tells him in the clip.

“Do you make more than $1 million or more a year?” Mamdani jokes with the host as he shakes his head no.

“Then your taxes are not going up. The only taxes that we are proposing are on the 1% of New Yorkers who make $1 million or more a year,” he says in the video, which has raked in 1.1 million likes on Instagram.

The clip began circulating again after Mamdani introduced a preliminary $127 billion budget that includes a proposed 9.5% property tax increase.

City Hall framed the potential hike as a “last resort” to address a projected $5.4 billion shortfall, unless state leaders approve a higher income tax on millionaires.

Online reaction was swift once the two messages were compared.

Should Mayor Mamdani proceed with the proposed property tax increase?

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“This didn’t age good,” one commenter wrote beneath the resurfaced video.

“This did not age well … Property taxes going up for all. Good job NY,” another user posted.

Another commenter shared a meme reading, “This was all a dream.”

Housing industry representatives warned the proposed increase would hit homeowners directly and could ripple into higher rents.

They argued the move would place additional pressure on residents already dealing with rising housing costs.

Mamdani has said the property tax option would only move forward if Albany and Gov. Kathy Hochul do not approve the income tax hike on top earners that he has pushed for.

The renewed attention on his past remarks comes as negotiations over the city budget and state tax policy continue.

Watch the video below:

Tags: Kathy HochulNew York Citypoliticstax hikeU.S. NewsUSZohran Mamdani
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Andrew Powell

Andrew Powell

IJR, Contributor Writer

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