Is Mamdani’s ‘Tax the Rich’ fight done?

DAYS THE BUDGET IS LATE: 42 ZO, THAT’S IT? For months, Mayor Zohran Mamdani has pressed the case that Albany must raise income and corporate taxes to help plug New York City’s $5.4 billion budget deficit. So in rolling out an executive budget today that closes the gap without his favored state-level tax hikes, Mamdani made a significant concession, showing he did not, in fact, need the increases from Albany to shore up his spending plan. When Playbook asked whether that means he’s throwing in the towel on his push for income and corporate tax increases, Mamdani signaled he’s content with the commitments he’s already secured. “I’ve been very open and honest about my vision, whether it be fast and free buses, or whether it be higher personal income taxes on the wealthiest New Yorkers or the most profitable corporations — this budget is a reflection of that vision in its tax on the rich,” Mamdani said. Mamdani was referring to the pied-à-terre tax Gov. Kathy Hochul and legislators in Albany have committed to enacting as part of this year’s badly overdue state budget. The tax, which impacts owners of secondary homes in the city worth more than $5 million, is expected to generate $500 million in new annual revenue for the municipal coffers. That’s a far cry from the $9 billion in fresh revenue the democratic socialist said his income and corporate tax increases would annually produce during last year’s mayoral race. Still, Mamdani offered nothing but praise for Hochul when asked today whether he’s a little bit disappointed that she hasn’t conceded any ground on those fronts. “I see this as a win,” he said at City Hall. “And I do want to thank Gov. Hochul for her partnership. It is a partnership that reflects a commitment to the long-term health and vitality for the city.” A close Mamdani supporter echoed his sentiment — but added a caveat. “What we heard from the mayor today signals that between the governor and New York City, the deal is done and they have reached the g