New York City mayoral frontrunner Zohran Mamdani\u2019s focus on affordability injects fresh urgency into long-sought property tax reforms, Finance Commissioner Preston Niblack said Tuesday.<\/p>\n
Mamdani, a state assemblymember and Democratic nominee, has thrust into the spotlight the plight of renters who are indirectly hit by rising building operating costs, Niblack said in an interview at the city Department of Finance\u2019s annual TaxRAPP event for tax professionals.<\/p>\n
\u201cThere\u2019s more awareness of the cost of property taxes on rental buildings,\u201d Niblack said. \u201cI think there\u2019s a desire to use that because we can manipulate those more than we can the cost of utilities or something as one leverage point to try and address the affordability issue.\u201d<\/p>\n
Niblack, appointed<\/a> by Mayor Eric Adams in 2021, pledged to work with Mamdani on property tax reform if he stays in city government in a Mamdani administration. A spokesperson said later Niblack hasn\u2019t had any direct conversations yet with the candidate, who has been making the rounds with the city\u2019s business and cultural leaders.<\/p>\n The Mamdani campaign didn\u2019t immediately return a request for comment. <\/p>\n \u201cWe\u2019ve done obviously a tremendous amount of thinking about it during this administration, and we\u2019ll be happy to share all of our thoughts and analysis with the incoming administration,\u201d Niblack said.<\/p>\n WATCH: How \u2018Unfair\u2019 Property Taxes Crush New Yorkers<\/a><\/p>\n New York\u2019s 40-year-old property tax law has long faced criticism<\/a> for favoring single-family homes and luxury condo units as valuations soar to new heights. That leaves rental buildings and low- and moderate-income condos and co-ops with a higher tax burden, critics say.<\/p>\n Niblack backed<\/a> property tax reform legislation in the state legislature at last year\u2019s tax conference, drawing on recommendations in a 2021 report<\/a> by the city Advisory Commission on Property Tax Reform. But those efforts were drowned out by other budget priorities, he said Tuesday.<\/p>\n \u201cAlbany is its own creature,\u201d he said. \u201cWe had hoped to introduce a bill in the last session. The budget dragged on. They didn\u2019t feel like they wanted to tackle the big topic last year.\u201d<\/p>\n