Mamdani urges King Charles to return rare diamonds
Asked what he would say to King Charles if he had the chance, New York Mayor Zoran Mamdani said he would ask the king to return the rare diamonds to India.
New Yorkers are backing Zoran Mamdani’s campaign promise to tax the wealthy after Gov. Kathy Hochul dropped the idea that the state could send more money to the city’s massive budget shortfall.
Democratic Socialists of America are heading straight to the governor’s office in midtown to demand higher taxes on New York’s high-income earners.
The rally, which will be attended by several New York City politicians, comes as the city’s budget deadline approaches. A multibillion-dollar difference still exists, and an executive budget must be submitted within two weeks.
Here’s what you need to know:
DSA tax rally for the wealthy
Today, Thursday, April 30th, protesters plan to rally outside Mr. Hochul’s office on Third Avenue in Manhattan with one demand: to tax the wealthy.
Organizers say Congresswoman Diana Moreno, City Councilors Chi Oce and Alexa Aviles, and New York State Senator Kristen Gonzalez are scheduled to attend.
The event, scheduled for 5:30 p.m., is also sponsored by New York Citizen Action and Jews for Racial and Economic Justice.
“Hochul has shown time and time again that she is more susceptible to our pressure than she would like to admit. When we push, she moves,” DSA wrote in a post.
“It’s the last leg of the budget and it’s time to show her we’re not giving up. It’s now or never.”
Just last week, DSA held another protest in front of its offices.
Mamdani’s financial crisis
One of Zoran Mamdani’s biggest challenges since taking office as mayor, the huge funding shortfall in the city’s budget, is finally reaching its climax.
This week, he asked the state to help with the gap, which is still believed to total more than $5 billion, ABC7 reported.
The deadline for submitting the executive budget was Friday, May 1, but Mamdani and Speaker Julie Menin agreed to extend the deadline for fiscal year 2027 to May 12.
The final version is expected to be submitted on June 30th. Mamdani’s administration maintains the delay is necessary as it awaits a response to the state budget and Albany’s request for additional funding.
In seeking budget aid from the state, Mamdani’s administration wants to reduce the tax credit for New York City pass-through entities from 100 percent to 75 percent, with the city keeping the remaining 25 percent.
The changes will put approximately $1 billion back into the city’s pockets and “continue to save New York City residents federal taxes,” the city said in a news release.
One of the DSA’s rallying points also called for a reduction in the PTET credit, which “targets the hidden income of the ultra-wealthy.”
However, Ho-chul quickly stops that idea when Mamdani’s phone call refutes him.
“We have no intention of changing PTET,” she said at a press conference on Tuesday. “That’s not happening.”
The governor’s reprimand followed a partnership between his office and the Mamdani administration on another funding proposal.
Mamdani and Hochul recently unveiled the pied-à-terre tax. It would add an annual tax on one- to three-unit homes, condos and co-ops worth more than $5 million if the owners have another primary residence outside the city.
“This measure targets the ultra-wealthy and global elite who use New York City real estate not as a home but as a means to accumulate wealth,” a release about the measure said.
“It’s expected to bring in $500 million a year, including some of the most expensive homes in the country.”
But the DSA argued that this alone was “not enough”.
“The pied-a-terre tax is a good start, but New Yorkers need more taxes,” the post said.
“And in the end, with Hochul working for us, we will be able to win more.”
The group also wants Hochul to “tax the wealthiest corporations” and “increase taxes on billionaires.” Hochul said the city needs to change its spending.
“We encouraged the Speaker and the Mayor to do what every other city must do: scrutinize expenses.”
Hochul’s office did not immediately respond to inquiries from USA TODAY about whether the two sides had planned to meet to discuss the budget after the public spat. Officials also did not immediately respond to a request for comment about the protests scheduled for Thursday, April 30. Mamdani’s office did not immediately respond to a request for a statement about the public disagreement with Hochul and the mayor.
But on Wednesday, April 29, after officials met with the royal couple, the governor posted a selfie with Mamdani and Menin with the caption: “Don’t believe everything you see online.”
“We cannot close this deficit with savings alone. We need new revenues. And we need a structural reset in our relationship with the state,” Mamdani said at a press conference earlier this week.
“That’s the only way we can meet our legal obligation to pass a balanced budget without imposing an economic burden on working people.”
This article has been updated to include more information in the heading.
