New York City property owners are set to 'enjoy' the first property tax hike in more than two decades as part of a proposed solution by Mayor Zohran Mamdani to fill a roughly $5 billion budget gap, Bloomberg reports.

"He's put a pretty extreme option on the table, which is a combination of raising property taxes and taking money from reserves and relying on some pretty aggressive revenue projections to boot," said NYC Comptroller Mark Levine. 

The pitch, set to be unveiled Tuesday afternoon during Mamdani's preliminary budget proposal, comes one day after Governor Kathy Hochul vowed to kick in another $1.5 billion in additional aid to the city for the current fiscal year and next. Hochul has also committed $510 million for future years to help plug holes in the budget. 

Update: Mamdani has laid out two paths; raise taxes on the ultra-wealthy and most profitable corporations, or 'balance the budget on the backs of working people using only the tools at the City's disposal.'