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Mamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passed (www.nytimes.com)

submitted 2 weeks ago by avidamoeba@lemmy.ca to c/news@lemmy.world

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cross-posted from: https://sh.itjust.works/post/55502152

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[-] avidamoeba@lemmy.ca 115 points 2 weeks ago

This is how you do it when you're serious about achieving what you promise for your constituents. Use your tools as needed, demand cooperation, when you don't get it, use your tools as leverage. Even if you fail, people see you did what you could and then they're ready to punish whoever stood in your way at the ballot box. This is why the oligarch class is so afraid of Mamdani who's just a mayor.

[-] homes@piefed.world 16 points 2 weeks ago

It’s a little bit misleading to refer to as any mayor of New York City as “just a mayor“.

[-] Asafum@lemmy.world 29 points 2 weeks ago

It's just a tiny little financial capitol of the world with a measley population of only 8.4 million people.

[-] UnderpantsWeevil@lemmy.world 17 points 2 weeks ago

Barely as large as Austria

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[-] TropicalDingdong@lemmy.world 10 points 2 weeks ago

If NYC was a state it would be between the 11th and 12th most populous state.

[-] cecilkorik@piefed.ca 9 points 2 weeks ago

And California is the world's 4th largest economy, behind only the entire rest of the United States, China, and Germany. New York State would be 8th.

The Democratic states and cities are economic and sociopolitical leaders for a reason. Don't listen to the bullshit calling them socialist hellholes. The evidence suggests that taking care of your people (and maybe even having illegal immigrants too gasp or better yet legal immigrants) is actually an economically sound, and maybe even economically preferable strategy overall.

[-] pennomi@lemmy.world 2 points 2 weeks ago

Illegal immigrants are one of the strongest boosters of the economy, since they are a source of cheap skilled labor. You’d have to be totally stupid to intentionally throw away that advantage.

I agree that it would be better to make them legal however. I believe in free movement and commerce.

[-] deadmyk@lemmy.world 9 points 2 weeks ago

I love when people say the us should get rid of CA. Yeah let’s just throw away the worlds 4th largest economy because you’re anti woke 🙄

[-] pachrist@lemmy.world 4 points 2 weeks ago

You can also casually remind people that more Republicans live in California than Texas, which usually makes their head explode. It's an enormous state, with a huge economy, with tons and tons of people.

[-] homes@piefed.world 4 points 2 weeks ago

People like that are willing to do or say anything in order to get validation for their shitty beliefs

[-] partial_accumen@lemmy.world 2 points 2 weeks ago

The population of NYC is larger than the combined population of the smallest 28 countries in the world.

[-] cybervseas@lemmy.world 10 points 2 weeks ago

I'm a NYC resident, and I pay property taxes. If this is the stick that will (hopefully) get us the carrot of a wealth tax, I'm all for it. If property taxes end up going up, and we can use it to make the city better with the services Mamdani wants to get going, well then let's go. I will figure out how to pay the additional taxes somehow. With that said, let this be a bargaining chip. Working with the rest of NYC's political class is like a bunch of toddlers. The best thing you can do is give them two options, one you want (which they won't like) and one you don't want (which they really won't like). And make them pick. So they feel like they have agency, it's their decision, don'tchaknow?

[-] errer@lemmy.world 3 points 2 weeks ago

Uh doesn’t this just inflict pain on the middle class if it ends up passing?

[-] LordCrom@lemmy.world 5 points 2 weeks ago

Does the middle class own property in New York at all? I thought most just rent apartments.

[-] ChonkyOwlbear@lemmy.world 18 points 2 weeks ago

Better pass a rent freeze first or that property tax increase will just get passed on to the people who can afford it least.

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[-] phutatorius@lemmy.zip 12 points 2 weeks ago

"Threatens." Oh, they mean "proposes as an alternative."

Fuckin' NYT.

[-] kandoh@reddthat.com 3 points 2 weeks ago

Threatened makes him sound way coolerI

[-] ChadGPT2@lemmy.world 1 points 2 weeks ago

yeah. status quo bias

[-] Etterra@discuss.online 8 points 2 weeks ago

Scale the property tax exponentially based on the valuation of the property. Make sure the wealthy land owners pay more. Much, much more.

[-] HubertManne@piefed.social 4 points 2 weeks ago

thats a good idea. A progressive property tax. I sorta can't believe it never occured to me and I never saw it mentioned previously. Would encourage affordable housing building I think to.

[-] davetortoise@reddthat.com 1 points 2 weeks ago

There'd likely be a lot of ways around it. Large plots would be broken up into smaller legal boundaries, parts would be owned by shell companies, parts would be loaned out and rented back at low rates, etc. etc. They'd find a way to take advantage of it to pay less than anyone else.

A straight-up land tax with no frills does the job. If it ain't broke, don't fix it.

[-] HubertManne@piefed.social 1 points 2 weeks ago

Again this happens with all taxes and yeah you would need to deal with shananigans. shell companies in general are a problem. I feel we should actually not allow companies to own companies and im not sure we should allow companies to be in multiple markets.

[-] callouscomic@lemmy.zip 1 points 2 weeks ago* (last edited 2 weeks ago)

A large building with a lot of rentals would be taxed at a high total value, and this increased cost would be passed on to renters, thereby defeating the purpose. It should o ly apply to unrented properties.

Side note, I know nothing about rent control though.

[-] HubertManne@piefed.social 1 points 2 weeks ago

In many places residential is already taxed less but you are right it would likely have a negative effect at high density. My guts says it would push more toward the 4 over 2's that are already prevelent due to their cost vs return. Possibly rentals would get assesed like condos and then added together. I could see that.

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[-] Fedizen@lemmy.world 3 points 2 weeks ago* (last edited 2 weeks ago)

Its so funny the NYT has like half a dozen quotes about people opposed to the tax hikes but not a single one has presented a real idea for alternatives.

[-] ameancow@lemmy.world 1 points 2 weeks ago* (last edited 2 weeks ago)

"Why can't we just continue as normal and keep pushing the problems down the road for someone else to figure out?" - New York's comfortable masses who are already older than dirt and have no stake in the future, and basically all of America's financial policy for the last hundred years.

[-] boaratio@lemmy.world 2 points 2 weeks ago

It's as if he's right.

[-] melsaskca@lemmy.ca 1 points 2 weeks ago

"We are either going to get the money from the fat cats or from you. Your choice.". I'm waiting on pins and needles to see where the money comes from.

[-] zjti8eit@lemmy.dbzer0.com 1 points 2 weeks ago

I mean property taxes and wealth taxes are essentially the same thing.

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this post was submitted on 18 Feb 2026

208 points (99.1% liked)

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