Mamdani's property tax hike on middle-income New Yorkers is officially dead Zohran Mamdani is scrapping a potential NYC property tax hike. kena betancur / AFP via Getty Images NYC Mayor Zohran Mamdani is walking back a last-ditch proposal to hike city property taxes. Gov. Kathy Hochul secured $8 billion for the city, which would help bridge the current budget gap. Hochul and Mamdani still want to target multimillion-dollar second homes with a new tax. Mayor Zohran Mamdani is officially killing his property tax hike proposal for working New Yorkers, a City Hall source confirmed to Business Insider. The mayor first pitched the policy in February and faced widespread pushback. It would have increased property taxes by 9.5%, in a hit to lower- and middle-income households . At the time, Mamdani called the plan "painful" and "a tool of last resort" to plug a budget gap of more than $5 billion.…