State–Local Fiscal Politics

Mayor Mamdani has warned of a nearly 10% property‑tax increase if the city does not impose new taxes on the wealthy, a move that former NYPD chief John Chell calls — alongside limits on police hiring — a “recipe for disaster” that could push residents to leave. The fight mirrors a broader national squeeze: median U.S. property‑tax bills rose about 30% from 2019–2024, property levies provide roughly 70% of local tax revenue, and high‑bill counties like Manhattan already face annual homeowner bills above $10,000 even as some states consider sharp cuts or eliminations of homeowner property taxes.