STEVE FORBES: Don't crush homeowners to pay for NYC's out-of-control budget |
Opinion
STEVE FORBES: Don't crush homeowners to pay for NYC's out-of-control budget
Mayor Mamdani should work with the City Council, stakeholders and the state to find pro-growth solutions
By Steve Forbes Fox News
Published February 18, 2026 2:45pm EST
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'BAD START?': 'The Five' debates Zohran Mamdani's response to homeless crisis
'The Five' co-hosts discuss New York City Mayor Zohran Mamdani's response to the homeless population amid freezing temperatures.
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New York City finds itself, once again, at a political and fiscal crossroads. Mayor Zohran Mamdani has unveiled a $127 billion preliminary budget for fiscal year 2027, warning of a $5.4 billion shortfall and asserting that, absent new revenue tools from Albany, the city may have to raise property taxes — possibly by as much as 9.5 percent — on millions of residential and commercial properties.
This is a grave mistake — not merely for its economic consequences, but for what it signals about governing philosophy in the nation’s largest city.
Property taxes are the most regressive form of taxation in local government. Unlike a tax on incomes or profits, property levies are indiscriminate: they hit long-time homeowners on fixed incomes, working-class families striving to build equity and small business owners who are the backbone of local communities. These levies are not tied to one’s ability to pay, but to a valuation often disconnected from cash flow. For a city already straining under affordability........