In a critical assessment of New York City's fiscal strategy, columnist Steve Forbes highlights the city's current budget proposal, which amounts to $127 billion for the fiscal year 2027. With a projected $5.4 billion budget shortfall, Mayor Zohran Mamdani has indicated the necessity to consider significant tax increases, potentially raising property taxes by nearly 9.5%. Forbes expresses strong concern over this potential tax hike, viewing it as a detrimental approach that could burden homeowners, renters, and small businesses alike in an already challenging economic environment.

Forbes asserts that property taxes are fundamentally regressive, disproportionately affecting individuals and families at fixed incomes or in low-wage brackets. Unlike income taxes that correlate with one’s financial capacity, property taxes are levied based on the value of real estate, which does not always align with an individual's ability to pay. This disconnection can lead to severe financial distress for long-term residents and small business operators, who may struggle to keep their properties afloat amidst escalating tax burdens.

Furthermore, Forbes argues that the proposed tax increases reflect a troubling trend in governance that prioritizes revenue generation through harsh taxation over thoughtful budget management and fiscal responsibility. He underscores the urgent need for more sustainable and equitable solutions to New York City's budgetary challenges rather than imposing financial strain on those least able to afford it, advocating for policies that foster economic growth and support the city's most vulnerable populations.