Mamdani asks Gov. Kathy Hochul to raise taxes on ultra-wealthy to close $5.4 billion gap

New York Mayor Zohran Mamdani asked Gov. Kathy Hochul on Tuesday to raise taxes on the “ultra-wealthy” to help close a $5.4 billion budget shortfall, saying the city faces a “significant chasm,” Mamdani said.

Speaking at a preliminary budget proposal announcement, Mamdani laid out two different “paths” the city could take to address the deficit, he said.

Mamdani described the first path as the “most sustainable,” according to his remarks. He did not provide further details in the portion of the announcement provided.

The request to the Democratic governor came as Mamdani presented initial steps for the city budget process, he said. Mamdani made the comments during Tuesday’s announcement, according to his office.

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