Mayor Zohran Mamdani on Tuesday is set to finally unveil his executive budget for New York City  — without the property-tax increase he warned could be necessary if his “tax the rich” dreams evaporated. Insiders revealed that Mamdani backed away from his months-old threats to impose a nearly 10% property tax hike and drain the city’s reserves to help close a reputed $5.4 billion budget gap. He and Gov. Kathy Hochul instead announced Tuesday morning that the city will receive an additional $4 billion in state funding to help close the gap. Governor Kathy Hochul visits the YMCA to discuss childcare investments in the upcoming budget on May 11, 2026. Matthew McDermott for NY Post Mayor Zohran Mamdani and Julie Menin speak to the press at City Hall about the budget on Tuesday, April 28, 2026. Lone Pine Press for NY Post Hizzoner had partly used the threats of a higher property tax as cudgel to push for a tax hike on millionaires, but that appears DOA at the state level.…