Zohran Mamdani admin live updates: NYC mayor unveils record $127B budget, up whopping $11 from this year

Craig McCarthy, Hannah Fierick, Haley Brown, Vaughn Golden and Kaydi Pelletier / NEW YORK POST 

The eye-popping amount — that one insider called “insanity” — is up around $11 billion from the current year.

The socialist city leader’s plan includes a whopping 9.5% proposed property tax hike on New Yorkers, which he claims would be a “last resort” — while allocating another $1.2 billion for migrants.

Mamdani, 34, unveiled his preliminary budget from the Blue Room at NYC City Hall this afternoon.

Mayor Zohran Mamdani has declared that property taxes will require a 9.5% hike across NYC to make up for Gov. Kathy Hochul's refusal to hike taxes on NY's wealthy. He will also drain the city's rainy day fund by $1 billion.

He repeatedly stressed Tuesday that this hike will be a "last resort" that will only materialize in the event Hochul doesn't follow through on tax hikes.

"The options of the second path are the options of last resort, options that we will only employ if there is no other means of arriving at a balanced budget," he said. Read more, and see videos here.