Happy Wednesday in New York City, where a game is heating up over taxes.
Mamdani stunned City Hall watchers last month by announcing that New York City was facing a $12 billion budget deficit, which he attributed largely to his predecessor, Eric Adams. Three weeks, $5 billion in new projected revenue and savings and a $1.5 billion funding promise from Albany later, that gap has shrunk to about $5.5 billion. But according to Mamdani, now is hardly the time for belt-loosening. The solution? Simple! Tax the rich.
Yesterday, Mamdani took to City Hall to unveil his $127 billion preliminary budget and advocate for his core campaign promise of raising the tax rate by 2% on New Yorkers making more than $1 million annually. Without that intervention, the mayor said, he would have to revert to his “last resort” alternative: withdrawing $1 billion from the city’s reserves while raising the property tax on over 3 million residential owners and 100,000 commercial owners by 9.5%.
So far, Hochul has unequivocally refused to raise personal income taxes. Mamdani hopes this ultimatum will force her hand.
“Mayor Mamdani’s preliminary budget makes it clear that Gov. Hochul and the State legislature have two options: Tax The Rich to make New York affordable, or declare war on the affordability agenda in order to shield the bank accounts of the billionaire Epstein class,” said the Democratic Socialists of America in a statement.
Mamdani’s proposal received forceful pushback from City Council Speaker Julie Menin and other prominent New York lawmakers. “At a time when New Yorkers are already grappling with an affordability crisis, dipping into rainy day reserves and proposing significant property tax increases should not be on the table whatsoever,” Menin said in a statement.
It’s not a good option, and Mamdani knows it. He’s betting Albany would rather tax millionaires than have to explain to homeowners why it’s becoming even harder to afford their mortgages. Call it a fiscal high-stakes game of chicken.
Mayor Mamdani announced his appointment of six members of the Rent Guidelines Board, the independent body charged with determining rent adjustments for rent-stabilized units.
Tourists are trashing the Brooklyn Bridge with plastic bags, napkins, food wrappers and underwear.
Hundreds of residents in neighborhoods including East Flatbush and Little Haiti went without power on Wednesday after ConEd shutdowns that were attributed, in some cases, to the weather.
The city Department of Homeless Services is set to resume its policy of clearing homeless encampments starting next week, reversing a key campaign promise from Mayor Mamdani.
A panel on envisioning “Low Traffic Neighborhoods,” co-hosted by the Brooklyn Borough President’s Office and Open Plans, will take place from 6-8 p.m. on Tuesday, March 3.
“Future Legends,” a media exhibition that explores the intersection of art and technology by centering the Black experience, culture, history and future, is open at NYU’s Clive Davis Gallery throughout February.
The Dodge YMCA hosts a free Lunar New Year celebration on Saturday, Feb. 21, from 10 a.m. to 1 p.m. The event includes traditional activities such as lantern making and calligraphy.
Wyckoff House Museum hosts “Farmhouse Family Day: Historic Harvests,” exploring indigenous foodways through hands-on cooking activities on the farm.
Our World In Photos
Photo: Hussein Malla/AP
BEIRUT — Ramadan celebration preparation: A worker sets decorations in preparation for the upcoming Muslim holy month of Ramadan, in downtown Beirut, Lebanon, Tuesday, Feb. 17, 2026.
For more pictures like this, see Our World in Photos.
In partnership with
When Is the Right Time to Retire?
Determining when to retire is one of life’s biggest decisions, and the right time depends on your personal vision for the future. Have you considered what your retirement will look like, how long your money needs to last and what your expenses will be? Answering these questions is the first step toward building a successful retirement plan.
Our guide, When to Retire: A Quick and Easy Planning Guide, walks you through these critical steps. Learn ways to define your goals and align your investment strategy to meet them. If you have $1,000,000 or more saved, download your free guide to start planning for the retirement you’ve worked for.
New materials, old physics: The science behind how your winter jacket keeps you warm
People gather on Washington Street in front of the Manhattan Bridge during a snowfall, Sunday, Dec. 14, 2025, in DUMBO. Photo: Adam Gray/AP
As the weather grows cold this winter, you may be one of the many Americans pulling their winter jackets out of the closet. Not only can this extra layer keep you warm on a chilly day, but modern winter jackets are also a testament to centuries-old physics and cutting-edge materials science.
Winter jackets keep you warm by managing heat through the three classical modes of heat transfer — conduction, convection and radiation — all while remaining breathable so sweat can escape.
The Mini
Our solver finished in 1 minute 4 seconds. Can you beat it?
Cartoon Sketchbook
By Harley Schwadron
For the Road
Happy Birthday to “The Breakfast Club” star Molly Ringwald!
On This Day in 1940, the Eagle reported: “Maurice Chaude, No. 1 Man of the Houdini Assembly, American Society of Magicians, couldn’t get a quorum last week at the annual meeting of the Waterbury, Conn., Press Club. He decided spirits were to blame. And he was right, too. There was a bar on the floor below.”
Got a tip? Send it in to [email protected].