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Uh doesn’t this just inflict pain on the middle class if it ends up passing?
Does the middle class own property in New York at all? I thought most just rent apartments.
NYC is 5 boroughs a lot of it is single family or 2 family housing.
And you think land lords won't pass increased property taxes on to their tenants?
I don't live in NYC so I won't give an opinion on this but landlords won't just eat increased taxes.
Property taxes are paid by the renters. Landlords don't have any money other than rent. This is a tax on tenants with extra steps
The landlords that this is targeted against are not the slightly rich guy who owns an apartment building, it's people like Citadel LLC who has nearly $70 Billion dollars of assets under management, a large portion of which are rental properties.
Those landlords have the money to pay the taxes. They own much more expensive properties, many of which are held empty and are limited in how much they can raise their prices indirectly, due to them already charging as much as the market will bear and also directly by Mamdani freezing rents.
In addition, many wealthy people in NYC own expensive housing (including Trump) that they use and do not rent.
Most people dont make over 1,000,000 a year. A millionaires tax, like the one passed in Washington state, only taxes 9.9% of every dollar OVER ONE MILLION. The first million has the same tax rate as everyone else.
They still keep 90.1% of every dollar over one million. It is not as if it is forfeit. They will still be making a shit ton of money.
Talking about the property tax, not the wealth tax. And even though it’s lower than other parts of the country, a third of NYC denizens own their homes, so a property tax increase seems like it’d have a lot of collateral effects on the not-so-wealthy.
I feel you there. Washington state has no income tax, so there are so many levers we can pull to raise revenue. Property tax is one of the big ones. Every time I get a ballot to vote on, there is some new levy they want to add. I generally vote yes, because I want schools to be funded and parks taken care of, but it does get to a point where our tax system is regressive.
Wealth taxes make sense. Those who can afford to pay a small amount more should step up. Mamdani's plan of raising taxes on wealthy New Yorkers by -2%- is even less than what was passed in Washington state.