Mamdani Wants to Socialize Housing by Driving Building Owners Like Me to Bankruptcy

For small-property owners in New York City, it’s time to hit the panic button. 

When Mayor Zohran Mamdani made a 9.5% property-tax hike the centerpiece of the budget he rolled out Tuesday, it ushered in a terrifying new housing reality.

A spike of the size he’s proposing would totally crush small-property owners.

Thousands of mom-and-pop, largely immigrant and mostly multigenerational families  —  owners who’ve been the backbone of affordable housing for decades — would be driven into greater distress, foreclosure and bankruptcy.

That may well be his goal.