REALITY BITES: Mamdani Drops NYC Property Tax Hike Plan.

The democratic socialist mayor is expected to formally abandon his proposal to raise property taxes nearly 10% after months of backlash from homeowners, business leaders, and even fellow Democrats worried the move would further damage New York’s struggling economy.

Mamdani’s executive budget instead will rely heavily on billions of dollars in additional state aid negotiated with Gov. Kathy Hochul to help close the city’s budget deficits, multiple outlets reported.

Hochul and Mamdani announced Tuesday that Albany approved another $4 billion in support for New York City, bringing total new state assistance to nearly $8 billion over two years.

So the state will bail out the city.