This statement and the article title are disingenuous. Mamdani wants to avoid increasing property taxes and drawing down city reserves to balance the budget here.
New York city is legally required to balance its budget. This is the reality of that.
It’s not “inherently progressive”. The rate is flat and therefore not progressive in the technical sense, though the result can appear progressive. Property value sometimes correlates with income, so the total amount paid may scale with the ability to pay, even if the rate itself does not increase.
Unlike income, where on the upper end each additional dollar goes to increased disposable income or lifestyle creep because fixed costs are already covered, housing becomes part of that lifestyle creep and scales with income. People tend to self-select into the highest tier housing they can afford. So, the tax can feel progressive even though structurally it is not.
To see that it isn’t truly progressive, consider someone buying it with accumulated wealth. The tax only increases proportionally with the property’s value; the rate itself never rises.
I have not experienced such on Reddit myself, but I am diversifying my use, just in case.
This place looks nice so I’ve created an account and set up a new bookmark.
Indeed, one should never vote for a crock of shit, no matter how representative it appears on the surface. Deep inside, it’s full of shit and it will get all over everything.