Mamdani’s Push for Property Tax Changes

New York City mayoral candidate Zohran Mamdani is advocating for the removal of substantial property tax exemptions currently enjoyed by private universities, particularly Columbia University.

Mamdani, a democratic socialist and assembly member from Astoria, Queens, has introduced legislation aimed at altering or completely abolishing tax exemptions for “private institutions of higher education.”

In NYC, private universities benefit from an annual exemption totaling $659 million, with Columbia and NYU alone accounting for over $300 million of that sum.

Columbia University, which operates primarily as a nonprofit, is one of the city’s largest private property owners.

Located in Morningside Heights, the Ivy League institution owns approximately 150 buildings, which are utilized for housing more than 8,000 faculty, staff, postdoctoral researchers, alumni, and visiting residents.

Some tenants even have the option to rent out apartments.

Most of these residences are conveniently located near 116th Avenue and the Morningside Campus.

Among these properties is a notable 38-unit apartment complex on Riverside Drive designated for Columbia faculty and staff.

Mamdani’s father, Mahmoud, has been living in this Riverside Drive complex for 25 years.

Interestingly, Mamdani grew up in one of these buildings.

Thanks to extensive tax exemptions, faculty members pay rents significantly below market rates—often 20% to 25% lower compared to surrounding areas, according to university sources.

For instance, last year, the property where the Mamdanis reside received a 91% exemption, resulting in a property tax liability of around $17,184, as noted by the Financial Services Ministry.

Records indicate that without this exemption, the annual tax exposure would have been about $190,942, translating to a remarkable savings of $173,758 for Columbia.

This year, the university will pay just $16,698 for the same building, while the full tax liability would have been around $185,542, leading to another savings of $168,844.

Mamdani’s parents have been listed as residents of this building since at least 2001, per real estate records from earlier this year.

Critics have ridiculed Mamdani, labeling him a hypocrite for wanting to eliminate property tax benefits that his family has long enjoyed.

“He personally benefited from tax credits, which makes him a hypocrite,” commented Gerald Cusser, a Brooklyn resident and conservative party chair.

Campaign strategist Hank Sheinkopf believes that Mamdani isn’t the right person to advocate for stripping tax credits from Columbia.

“This guy will do anything to get elected. It’s too kind to call him a hypocrite,” he stated.

Columbia University has expressed its opposition to Mamdani’s proposed law but has refrained from commenting on the rents it charges employees.

Interestingly, both left and right factions politically resonate with the idea that property tax exemptions for universities should either be abolished or reduced.

Progressives argue that such exemptions represent a tax break that drains funds from the government, while conservatives maintain that institutions failing to combat anti-Semitic and anti-American activities should not enjoy such benefits.

One professor mentioned that those opting out of Columbia’s housing could potentially earn more than $1,100 a month in rent relief, aimed at offsetting high rental costs in privately-owned buildings.

However, this professor noted that the selection for faculty housing is predominantly at the university’s discretion.

In a particular case, a business school professor had to merge two apartments, resulting in a spacious six-bedroom unit near the campus.

Mamdani, currently polling second, defends his proposal despite the benefits it has historically provided to his family.

“Our state constitution exempts higher education institutions from property taxes, but with Columbia and NYU as two of the city’s largest landowners, this clearly goes beyond their mission,” he remarked.

“This is just an illustration of the inequities in New York City’s property tax system,” he added, indicating the coalition he has built around his proposals.

His legislation would require Columbia, NYU, and other private universities to contribute fairly toward property taxes, with the aim of redistributing those funds to support the City University of New York system.