9.5%? Couldn't go for an even 10%, just to make the math easier? Oligarchs are going to have to break out their old TIs.

"I will tax the rich, even if I have to tax the poor to do it."

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.

And this will also still affect more wealthy than not as it’s not poor people that own multiple properties, or even one property.

Ideally I guess you could apply this kind of thing to anything that isn’t the primary residence or base it on size.

But I don’t profess to know the ins and outs of property management in general let alone in New York.

If a rich person own a building where they are renting units to the average joe making the median wage, they pass the cost of that tax increase down to the renters; which makes it a regressive tax in a round about way.

Freeze rent prices then

You can use that circular logic for all taxes. If a CEO pays more taxes they are just going to make up for it by raising prices or cutting employee wages

The suggested 9.5 percent increase would affect more than three million single-family homes, co-ops and condos and over 100,000 commercial buildings, Mr. Mamdani said as he delivered his preliminary spending plan.

The mayor acknowledged that his proposal would not merely force the wealthy to pay more taxes, but would also be a “tax on working- and middle-class New Yorkers,” and stressed that this was not his first choice.

Welp.

I think we should tax the fuck out of them. But they won't stop trying to squeeze us was the point I guess I was really trying to make. It's going to take more than taxes to fix this. I legit believe these fucking billionaires are mentally ill; like they have a hoarding illness, but instead of hoarding old newspapers and random shit, they hoard money. They need to be locked up and made to take some therapy that teaches them some fucking empathy.

This right here!

You need to lower your expectations, we aren’t going to go from the current system to immediately jailing billionaires for the crime of being rich.

Small incremental changes are more realistic and as long as we keep moving forward, that is progress. If you frown upon all progress because it doesn’t fix every problem all at once then we just won’t get any progress