NYC mayoral candidate defends taxing 'whiter neighborhoods,' says billionaires shouldn't exist

Democratic socialist mayoral nominee Zohran Mamdani is standing firm on his proposal to hike property taxes for "richer and whiter neighborhoods," despite accusations of racial targeting.

Socialist nominee doubles down on property tax shift despite backlash

In a Sunday Meet the Press interview, Mamdani insisted the plan, which aims to shift the tax burden from “overtaxed homeowners in outer boroughs”, is "not driven by race" but by data showing affluent areas like Park Slope pay lower effective rates than Black-majority neighborhoods like Canarsie.

According to an NY Post report, he framed it as correcting an "inequitable system" that former Mayor Adams also vowed to fix, arguing current policies force working-class New Yorkers to “subsidize wealthy property owners”.

When challenged about alienating voters, Mamdani shrugged, "I’m just naming things as they are," pointing to studies revealing predominantly Black neighborhoods face tax rates double those of whiter areas. His policy would remove assessment caps on luxury properties while lowering rates for others, though critics note it requires state approval and ignores complex underlying laws.

Billionaire exodus fears clash with "inequality" argument as election nears
 

Mamdani sparked further controversy by declaring “billionaires shouldn’t exist”, a bold stance in a city housing 123 billionaires. Defending his position, he cited "so much money in a moment of such inequality," vowing to collaborate “with everyone, including billionaires, to make a city fairer for all."

The remark drew immediate backlash from business leaders: Supermarket billionaire John Catsimatidis threatened to sell his Gristedes chain if Mamdani wins, while hedge fund manager Bill Ackman warned the policies would be "disastrous for NYC" and trigger a wealthy exodus. Mamdani dismissed concerns about needing billionaire support, telling NBC his vision serves “every single New Yorker.”

His broader tax agenda includes a 2% flat tax on incomes over $1 million and raising corporate rates to 11.5%, projected to generate $9 billion for initiatives like free childcare and city-run grocery stores. Economists caution the math may not add up, however, noting corporate tax hikes rarely yield predicted revenues and could accelerate relocations to lower-tax states.

As the mayoral race intensifies, Mamdani faces mounting resistance from both political rivals and national figures. President Trump labeled him a "communist" and threatened to cut federal funds to NYC if Mamdani “doesn’t behave”, while Gov. Hochul cautiously noted “differences in our positions.” Undeterred, Mamdani invoked Martin Luther King Jr.’s belief in wealth redistribution, framing his democratic socialism as an antidote to an “authoritarianism in Washington”.

His campaign leverages widespread frustration with affordability, highlighting that 1 in 5 New Yorkers struggles with transit fares, and childcare consumes 30% of family budgets after rent.

However, some hurdles still remain. The property tax plan and $30 minimum wage require state legislative backing, where centrist Democrats resist radical reforms. Meanwhile, opponents rally behind independent incumbent Eric Adams, whom business elites now embrace as a "desperate" alternative.

Mamdani remains confident, however, telling voters his policies can reverse the "shrinking tax base" by making NYC livable again: “If we do not meet this moment, we will lose the city.”