City Officials Scramble to Plug $12 Billion Budget Gap In a desperate bid to address a massive $12 billion budget shortfall, city officials have been forced to consider drastic measures. In a move that has left many homeowners reeling, a proposed 9.5% property tax hike is set to be put forward as a potential solution, aiming to raise a significant $3.7 billion towards the gaping deficit. The proposal has been framed as a "last resort" by city leaders, who are facing intense pressure to find a solution to the financial crisis. With the city's finances hanging in the balance, residents are bracing themselves for the potential consequences of the proposed tax hike.
Facing a $12 billion (1) budget gap (2), his opening move was proposing a 9.5% property tax hike on homeowners, which would raise $3.7 billion toward the shortfall. He called it a "last resort" if New ...
