New York City is in the midst of a bit of a budget crisis.
A purported $5.4 billion hole in New York City's budget, which could easily be papered over by New York state, has our mayor fishing for some solutions. He's trimming the fat and threatening to hike property taxes (which, as we've repeatedly said, he has no actual intention of doing). He'd like Kathy Hochul to tax the rich just a little bit more, an eminently reasonable request. But short of Hochul giving in, which appears unlikely at this point, or the implausibility of the City Council rubber-stamping a property tax hike, Mayor Mamdani is probably going to need to find ways to close a budget hole next year. That means finding a few billion dollars.