If enacted, New York City Mayor Zohran Mamdani’s proposed 9.5% property tax hike would lead to higher rents, housing industry officials say.
“Increased property taxes = a rent increase,” Kenny Burgos, CEO of rent-stabilized landlord group, New York Apartment Association, posted on X.
Landlords would ultimately pass down some of the costs of increased taxes onto renters, Jay Martin, head of the New York Apartment Association, acknowledged.
“Nothing says housing affordability like raising housing’s largest expense. Property taxes.” Martin posted on X.