New York City's likely next mayor doubled down on his progressive agenda Sunday, telling NBC's "Meet the Press" that billionaires should not exist while defending his controversial property tax plan that would shift the burden to "richer and whiter neighborhoods."
Zohran Mamdani, the 33-year-old Democratic Socialist who secured his party's nomination after Andrew Cuomo conceded Tuesday's primary, faces mounting opposition from business leaders and federal officials over proposals they characterize as discriminatory and economically destructive.
Assistant Attorney General for Civil Rights Harmeet Dhillon threatened a Department of Justice investigation into Mamdani's property tax proposal, calling it "illegal discriminatory" and a violation of federal constitutional norms.1 The plan would "shift the tax burden from overtaxed homeowners in the outer boroughs to more expensive homes in richer and whiter neighborhoods," according to his campaign website.23
Billionaire hedge fund manager Bill Ackman offered to bankroll any opponent willing to challenge Mamdani, warning that his policies could trigger an exodus of high earners that would cost the city billions in tax revenue.4 Rapper 50 Cent made headlines by offering Mamdani $258,750 and a "first class one-way ticket" out of New York after learning about the tax increases.5
Mamdani's housing policy document states the current property tax system unfairly benefits wealthy areas through artificially capped assessments.12 His plan would lower assessment percentages citywide while raising rates in expensive neighborhoods, reducing taxes for areas like Jamaica and Brownsville while increasing them on "the most expensive Brooklyn brownstones."32
The property tax overhaul represents one component of Mamdani's $10 billion revenue plan, which includes a 2% income tax on New Yorkers earning over $1 million annually and corporate tax increases.45 He proposes using these funds for free bus service, universal childcare, city-owned grocery stores, and rent freezes for stabilized apartments.45
Governor Kathy Hochul, who must approve any city income tax increases, has repeatedly stated her opposition to raising taxes on high earners. "I've not had an increase in our income tax because I want to make sure high-net-worth people know we appreciate them," Hochul said last month.12
The clash mirrors former Mayor Bill de Blasio's 2014 battle with then-Governor Andrew Cuomo over taxing the wealthy to fund universal pre-K, though Mamdani seeks to raise 20 times more revenue than de Blasio's initiative required.12
"We need more equality across our city and across our state and across our country," Mamdani explained Sunday, while acknowledging he looks forward to working with billionaires to create a "fairer" city.3
