If enacted, New York City Mayor Zohran Mamdani’s proposed 9.5% property tax hike would lead to higher rents, housing industry officials say.

“Increased property taxes = a rent increase,” Kenny Burgos, CEO of rent-stabilized landlord group, New York Apartment Association, posted on X.

Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politics

New York City mayor Zohran Mamdani holds a press conference regarding the NYC budget with First Deputy Mayor Dean Fuleihan and Director of the New York City Mayor's Office of Management and Budget (OMB) Sherif Soliman. Mayor Zohran Mamdani proposed a property tax hike for New Yorkers to fund his city budget. Stephen Yang for NY Post

Landlords would ultimately pass down some of the costs of increased taxes onto renters, Jay Martin, head of the New York Apartment Association, acknowledged.

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“Nothing says housing affordability like raising housing’s largest expense. Property taxes.” Martin posted on X.