Despite Mayor Zohran Mamdani’s proposals for tax hikes on the rich, Gov. Kathy Hochul told reporters she’s still a hard ‘no.’

The potential standoff comes as Hochul welcomed a wave of union endorsements ahead of next week’s State Democratic Party convention.

What You Need To Know

Despite Mayor Zohran Mamdani’s proposals for tax hikes on the rich, Gov. Kathy Hochul told reporters she’s still a hard ‘no’

It’s a power lever that she not only holds the key to, but more importantly, opposes

She argued the state has enough cash to pay for current operations, fill holes already estimated by federal funding cuts — at least so far — all while funding at least two years of a limited child care pilot program for some two-year-olds in the five boroughs

“I’m not reading a whole lot into this,” she said during a Midtown press conference at the headquarters of the powerful Hotel and Gaming Trades Council, downplaying Mamdani’s asks for a wealth tax.

It’s a power lever that she not only holds the key to, but more importantly, opposes.

“We had $17 billion in unanticipated revenues from Wall Street bonuses,” she said.

She argued the state has enough cash to pay for current operations, fill holes already estimated by federal funding cuts — at least so far — all while funding at least two years of a limited child care pilot program for some two-year-olds in the five boroughs.

“This is early for their team. They’re just, literally just, getting under the hood. They didn’t have access to a lot of information until just a few weeks ago, so let’s let them have time to sort it out,” she said.

Hochul appeared to downplay Mamdani’s public lobbying, who asked that New York City get its “fair share” of revenues back that it contributes to the state.

“That’s not new. He’s been saying it since he was running for office a year ago. So right, with the news flashes, I have said the news flash, maybe to you if you haven’t heard me, we’re not raising taxes in the state of New York. I’m not raising taxes for the sake of raising taxes. So he’ll continue to say what he needs to say,” she added.

Hochul’s $260 billion budget doesn’t include new personal income or corporate tax hikes. Some argue it’s because both notions could jeopardize her reelection bid statewide.

But Mamdani has recently argued that other parts of the state benefit from city tax receipts and Wall Street returns, and the city should get more of a rebate.

“I have invested $25 billion more, a 33.5% increase, just in the four years I’ve been governor, into the city of New York because the needs are great, and I want to be helpful,” Hochul said.

Meanwhile, Hochul said she’ll reveal her lieutenant governor pick before the State Democratic Party Convention next week.

NY1 has reported that she’s already been turned down by at least two prominent Democrats: Queens Borough President Donovan Richards and State Senator Jamaal Bailey.

“We’ll do it right before the convention so we can introduce the person to all the people will be very excited to be in Syracuse,” she said.

Hochul recalled her own experience getting a phone call to be former Gov. Andrew Cuomo’s running mate back in 2014.

“It’s early. I think I was asked a day and a half before the convention [to be] lieutenant governor,” she said.