Zohran Mamdani proposes blockbuster budget bigger than entire state of Florida's annual budget

New York City Mayor Zohran Mamdani

Six weeks into his term as mayor of New York City, Zohran Mamdani unveiled his spending plan this week, proposing an eye-watering annual budget of $127 billion. Mamdani also threatened to raise property taxes by almost 10% in the Big Apple.

The budget proposal comes after New York Gov. Kathy Hochul denied allowing him to hike income taxes on anyone living in the city who earns $1 million or more a year. One of Mamdani's central campaign platforms was heavily taxing the one percent, something that he's learning is easier said than done given the mechanics of the Empire State's system of government. 

The budget, which is $10 billion more than Florida's entire state budget for the fiscal year 2025-26, includes more than $10 million earmarked for a host of diversity agendas. On top of that, Mamdani is putting the brakes on a plan to hire 5,000 additional NYPD officers. 

As The New York Post reports, Mamdani is poised to break a campaign vow he repeatedly made: not raising taxes on any New Yorker making under $1 million a year. During an appearance last year on the podcast Subway Takes, Kareem Rahma, the host, told Mamdani, "I don’t want to pay more taxes."

“Do you make more than $1 million or more a year?” Mamdani asked, to which Rahma replied with a head shake indicating that he doesn't earn that much. 

“Then your taxes are not going up. The only taxes that we are proposing are on the 1% of New Yorkers who make $1 million or more a year,” Mamdani declared in the widely-viewed video. According to The Post, officials in the housing industry have expressed concerns that such a steep property tax hike would be tantamount to Mamdani declaring "war" on New York City homeowners. 

Criticism of Mamdani is not just local either. Fox Business reporter Charles Gasparino said on X, "One of the most far left cities in the country literally jumped the shark on being far left." In response to the X account Geiger Capital pointing out that Mamdani's proposed budget would be more than double that of Tokyo's annual budget -- despite Tokyo's population being more than four times larger than New York City's -- Florida Gov. Ron DeSantis said the $127 million proposal is "insane" and added that "Tokyo is much, much cleaner than NYC."