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Mamdani has said he wants to generate $9 billion in new tax revenue by raising taxes on New York City’s wealthiest residents and businesses.

He is calling for a 2% tax on incomes over $1 million, which would produce $4 billion in tax revenue.

Raising taxes on the wealthy and corporations needs approval from the Democratic-controlled state Legislature and Hochul, who is up for re-election in 2026.

He wants to build on the city’s free early childhood education programs for 3- and 4-year-olds by offering no-cost daycare for every child aged six weeks to 5 years old.

The New York Apartment Association says a freeze could force landlords who own market-rate and rent-stabilized units to raise prices on the former to make up for losses.