This statement and the article title are disingenuous. Mamdani wants to avoid increasing property taxes and drawing down city reserves to balance the budget here.
New York City is legally required to balance its budget. This is the reality of that.
Tuxis
joined 1 day ago
It's not "inherently progressive". The rate is flat and therefore not progressive in the technical sense, though the result can appear that way. People tend to self-select into the highest tier housing they can afford. So, the tax can feel progressive even though structurally it isn't.
To see that it isn’t truly progressive, consider someone buying property with accumulated wealth. The tax only increases proportionally with the property’s value; the rate itself never rises.
I have not experienced such on Reddit myself, but I am diversifying my use, just in case.
This place looks nice so I've created an account and set up a new bookmark.
Indeed, one should never vote for a crock of shit, no matter how representative it appears on the surface. Deep inside, it's full of shit and it will get all over everything.