In the continued back and forth between the city and Albany, Mayor Mamdani has altered his pitch on raising taxes on the ultra-wealthy as a means of funding his affordability agenda, according to New York Focus. The new plan would generate approximately $1.75 billion a year through tax increases on the city’s corporations and unincorporated businesses, rather than the previous statewide increase he originally proposed which would have generated $5 billion. The new proposal also focuses on higher taxes on the most expensive homes and strategic tax credit reductions for certain types of businesses. The Mayor’s team is hoping the new plan has an easier time politically since Governor Kathy Hochul is running re-election and has been reluctant to support an income tax hike on the wealthiest 1% of New York residents.