economy
Mamdani acknowledges 'troubling' job numbers while he pushes for higher taxes
New York City Mayor Zohran Mamdani recognized that the city’s private-sector job numbers are “troubling,” as concerns about a business exodus grow due to proposals to raise taxes further in the city.
TL;DR
- New York City lost 19,500 private-sector jobs between January 2025 and January 2026.
- Mayor Zohran Mamdani called the job numbers "troubling."
- Mamdani is proposing tax hikes on high earners and corporations to close a budget gap.
- Governor Kathy Hochul has rejected Mamdani's proposed tax on high-income earners.
- Businesses, including Apollo Global Management, are reportedly considering moving headquarters out of NYC.
- Jamie Dimon warned that higher taxes can reduce competitiveness and lead to job and people exodus.
- Despite job losses, Mamdani noted high demand for Manhattan office space and expressed optimism.
- The proposed 9.5% property tax increase is considered a last resort.