New York City Mayor Zohran Mamdani proposed a nearly 10 percent increase in property tax rates, a measure he framed as a last resort if he fails to persuade Governor Kathy Hochul to raise income taxes on the wealthy, according to the New York Times. The budget plan, totaling $127 billion, is Mamdani's first since becoming mayor and would take effect July 1, following revisions and negotiations with the City Council.
The proposed 9.5 percent property tax increase would affect over 3 million single-family homes, co-ops, and condos, as well as more than 100,000 commercial buildings, Mamdani stated when delivering his preliminary spending plan, according to the NY Times. The mayor, a newly elected democratic socialist, highlighted the budget's increase from the current $122 billion spending plan.
In other news, the UK's unemployment rate climbed to 5.2 percent in the three months leading up to December, the highest rate in almost five years, as reported by the Office for National Statistics (ONS) via BBC Business. Young people are disproportionately affected, with unemployment for those aged 16 to 24 reaching 16.1 percent, the highest in over a decade. While wages are still rising faster than prices, the growth rate continues to slow, and many businesses have slowed hiring, citing measures in Chancellor Rachel Reeves's recent budgets.
Meanwhile, in France, nine individuals were arrested in connection with the death of a far-right nationalist student, Quentin Deranque, who died after being attacked by a gang of masked men in Lyon, as reported by BBC World. The arrests include a parliamentary assistant for a deputy from the radical left France Unbowed (LFI) party. The incident occurred after a demonstration by far-right feminists, whom Deranque was reportedly helping to protect.
In the realm of technology, the AI Impact Summit in Delhi is underway, with discussions on guiding the AI revolution, according to BBC Technology. Despite initial reports suggesting his absence, Bill Gates is confirmed to be delivering a keynote address. Additionally, Sir Keir Starmer has pledged to address loopholes in laws designed to protect children online, specifically targeting AI chatbots, as reported by BBC Technology. Starmer stated they would "do battle with AI chatbots as we did with Grok." Government proposals also include measures requiring tech giants to preserve data on a child's phone if they die.
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