New York’s Democratic nominee Zohran Mamdani has pledged to raise taxes on “whiter neighbourhoods” if he becomes the Big Apple’s next Mayor.
Mamdani, 33, who defeated former New York Governor Andrew Cuomo in the Democratic primary earlier this week, today released a memo entitled “Supporting homeowners and ending deed theft.”
He described the pledge as "shifting the tax burden” to “richer, whiter neighbourhoods”.
In the housing policy document, Mamdani said: “The property tax system is unbalanced because assessment levels are artificially capped, so homeowners in expensive neighbourhoods pay less than their fair share.
Zohran Mamdani has pledged to raise taxes on 'whiter neighbourhoods'
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The document claims that New York City currently taxes “family homes in black and Latino neighbourhoods like Jamaica, Brownsville and Tremont more than it does in wealthier neighbourhoods of the city”.
The reference alludes to a 1981 property tax law in the city, where tax is calculated based on the income homes would generate if rented out, rather than the property’s market value.
This clause fails to address disparities that exist between different areas, with residents in affluent neighbourhoods or housing co-operatives potentially facing significantly lower bills.
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Mamdani previously described capitalism as 'theft'
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Those living in housing co-operatives, where residents purchase shares in the building rather than individual flats, could save thousands of pounds compared to homeowners in less desirable areas.
Mamdani’s policies also include introducing city-owned grocery stores, universal free childcare and heavy tax rises on all residents earning more than $1million a year.
The Democrat has previously described capitalism as “theft” and endorsed controversial plans to “defund the police” following Black Lives Matter protests.
The president of Partnership for New York, Kathryn Wylde, which represents businesses in the city, said industry leaders were “terrified” by the Democratic candidate’s rise.
New York is widely recognised as a global tech and talent capital
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New York is widely recognised as a global tech and talent capital.
The Big Apple is home to leading commercial and investment banks, financial services, fintech firms, and insurance companies.
The iconic American city does have some of the most significant income gaps in the United States, with a substantial disparity between the richest and poorest residents.
Approximately one-in-five New Yorkers lives in poverty, and nearly half the city's households are considered near poor, according to data from the Centre for New York City Affairs.
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