“Shark Tank” investor Kevin O’Leary is predicting fallout from New York City Mayor Zohran Mamdani’s proposed 9.5% property tax increase, calling the plan “bat cuckoo crazy” and suggesting it will accelerate the departure of high-income residents from the city, as reported by The New York Post.
Mamdani unveiled the proposed hike on Tuesday as part of his $127 billion preliminary budget plan.
The increase is tied to his push for additional revenue from Albany and Gov. Kathy Hochul, including a proposed income tax hike on millionaires.
The mayor described the property tax increase as a contingency if state lawmakers do not approve his broader tax proposals.
“The options of the second path are the options of last resort, options that we will only employ if there is no other means of arriving at a balanced budget,” Mamdani said.
Appearing on CNN’s “NewsNight,” O’Leary sharply criticized the proposal, framing it as a move that would push more residents out of the city.
“What he is proposing is beyond insane, but I love it. You guys live here, you’re not paying your fair share. You’ve got to pay 110%, that’s the right thing to do because he’s not cutting spending,” O’Leary said.
He went further, predicting that the policy would benefit real estate markets outside New York, particularly in Florida, where he owns property.
“Probably sometime next year, within the next 12 to 18 months, I will meet him in Miami and give him real estate agent of the year award because I’m not happy with what’s happening.
“Everybody from New York, New Jersey, and Massachusetts is moving into my neighborhood,” the “Shark Tank” star said about the frustrations with his new neighbors in Miami Beach. “I’m pissed off, and this guy’s just doing more of it.”
During the segment, host Abby Phillips asked O’Leary to lower his voice as the panel debated income tax increases in New York City over the past decade.
O’Leary responded: “I’m not mad about it, I’m excited, because I want you to pay not me.”
The mayor’s proposed property tax increase is part of a broader budget strategy amid negotiations with state officials.
Mamdani has signaled that without additional taxing authority from Albany, including higher taxes on wealthy residents, the city may move forward with the 9.5% hike.
“The View” co-host Ana Navarro also weighed in during the discussion, expressing concern about how wealthy taxpayers might respond to targeted tax increases.
“When you put a hike on taxes just on the very wealthy, you run the risk of those very wealthy not paying it because they’ll find a way to have a loophole and skirt those taxes, even if it means moving to Indian Creek (Florida) and living in a billionaire’s bunker,” Navarro said.
“It’s not the person making a million dollars a year, which in New York it’s not as much as it sounds, it’s the person making $50 million that’s moving,” she added.
WATCH🚨: Kevin O’Leary just OWNED Ana Navarro and Abby Phillip on CNN!
Wealthy folks are bolting New York thanks to sky-high taxes and radical policies from clowns like Zohran Mamdani.
Mr. Wonderful’s prediction? He’ll hand Mamdani the ‘Real Estate Agent of the Year’ award in… pic.twitter.com/RCR65hF9os
— Officer Lew (@officer_Lew) February 18, 2026
The New York Post reported it had reached out to City Hall for comment.
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