STEVE FORBES: Don't crush homeowners to pay for NYC's out-of-control budget

This is a grave mistake - not merely for its economic consequences, but for what it signals about governing philosophy in the nation's largest city.

To be sure, Mayor Mamdani frames this as a "last resort" or even a strategic lever to pressure Albany to raise taxes on the wealthy and on profitable corporations. But calling it a "last resort" does not mitigate its harm. Mayors and governors negotiate hard - that's politics. But the collateral damage from a property tax hike would be felt in neighborhoods across all five boroughs: rents edged upward as landlords pass costs through to tenants, small business margins hollowed out and families forced to choose between property ownership and financial survival.

It's worth recalling that New York City has not raised property taxes in any significant way since the Bloomberg era in the early 2000s, a moment of crisis that demanded extraordinary action. This current proposal comes not in response to an unprecedented calamity, but a political impasse. It is precisely the kind of fiscal brinkmanship that punishes ordinary citizens for elected officials' inability to craft more responsible solutions.

Rather than squeezing more out of homeowners and Main Street merchants, City Hall should be scrutinizing wasteful and non-essential spending, streamlining operations, and finding efficiencies within the $127 billion bureaucratic behemoth. The budget reflects priorities - and if spending choices fail to reflect prudence in lean times, that is a political decision, not a fiscal necessity.

New Yorkers know this instinctively. They are hardworking people who have endured years of rising costs and economic pressures. They simply want the city to spend wisely, and leadership must respect that.

Mayor Mamdani should go back to the drawing board and work with the City Council, stakeholders and the state to find pro-growth solutions. Raising property taxes - not to mention wealth taxes - should not be on the table - least of all as a bargaining chip in political negotiations. Let us pursue growth, reform and opportunity - not tax hikes that risk sending New York backward.