New York Gov. Kathy Hochul may raise corporate taxes, a plan which Mayor-elect Zohran Mamdani campaigned on. 

Mamdani ran on a promise to make New York City affordable for low-income families, freeze rent, offer fast and free buses and offer free childcare. To achieve that, he will need to convince Hochul to raise corporate taxes. 

He proposed that Hochul raise the city’s corporate tax from 7.5% to 11.5%, according to The New York Times. 

Hochul’s administration has been facing pressure from the public to “tax the rich.” 

However, Hochul stated several times previously that raising corporate taxes is the last thing on her mind, according to Spectrum News 1. 

While New York has done well financially, it is facing a projected multi-year budget shortfall, which means that the state will have trouble funding social programs. With the shortfall, Hochul will have to focus on raising revenue, making corporate tax now a viable option to earn substantial revenue. 

The generated revenue will be used to fund not only current social programs, but also for future programs from Mamdani’s proposals. While Hochul has considered increasing corporate tax, she has resisted increasing individual tax rates.