Hero or Villain? The Choice Facing NY Governor Kathy Hochul

Will she keep her promises and advance the affordability agenda in New York City, or retreat to business-as-usual neoliberal governance?

In a press conference yesterday, Zohran Mamdani called on Governor Kathy Hochul to levy taxes on wealthy individuals and corporations to close the $12 billion budget gap Eric Adams left New York City with. Mayor Mamdani has limited tools to fix the budget crisis, if he acts alone, his only legal option would be increasing property taxes and dipping into the city’s reserves. Mamdani does not have legal authority to raise taxes on the rich, only the state does. The ball is in her court, New York Governor Kathy Hochul is deciding if she’s going to spend her political career a hero or a villain.

New York City already pays more than it gets back from the state, contributing 54% of revenue but only receiving 40%. This fiscal imbalance has strapped the city for years. If Hochul doesn’t make a change, she’ll be the one answering for that imbalance.

Amidst a global shift to the right, Hochul executed the delicate act of moving to the left. Despite being Andrew Cuomo’s Lieutenant Governor, Hochul endorsed Zohran instead, earning a sliver of his massive spotlight. Although it was a politically savvy move, with a tinge of desperation, the endorsement signaled Hochul’s political career may shape up to something more than establishment politics as usual.

Hochul accepted a speaking slot at Mamdani’s October 2025 rally, despite not being much of a rabble rouser. Her stiff demeanor immediately revealed how out of her depth she was. The crowd shouted over her, chanting “Tax the rich! Tax the rich!” Hochul, visibly overwhelmed, finally said: “I can hear you.” Wincing like a teacher in an unruly classroom, she seemingly coughed down the urge to tell the crowd to settle down. “You wanna see Zohran or not?” she threatened, as if the crowd’s misbehavior warranted punishment. It seemed Hochul was frustrated Mamdani’s meteoric rise reached a velocity she couldn’t match.

The simple moment illustrated how power was shifting in America. Instead of Democrats stringing along the young progressives, the conventional politicians have to assimilate with the rowdy populists in order to survive. That’s what populism does, it pushes establishment darlings from the center of the political universe to the fringes of power.

After struggling to find the words and energy to justify her inclusion, Hochul lost the squeamish look, engaged her diaphragm, and delivered a clear message over the noise, “I’ll be fighting everyday.” Although she appeared to be impersonating an activist rather than mustering up genuine enthusiasm, she bellowed: Albany “can’t do it alone, we need a fighter in city hall who wakes up every day ready to punch and fight for the working people of the city and that person is Zohran Mamdani.” Just like that, Hochul went from a namby-pamby governor by succession, to a figure in a movement with real momentum. The crowd halted their chants, as if in collective acceptance of her pledge.

Now, it’s time to keep the promise – city hall can’t get it done without Albany.

Hochul understands taxing the rich isn’t just about closing New York City’s budget gap, it’s about rectifying the decades-long wealth transfer from regular people to the richest in our society. Just three days before Kathy Hochul’s appearance at the late October rally, the New York State Comptroller reported Wall Street Profits could reach an all time high of $60 billion — as if that was a great accomplishment of the administration. Delivering on her promise to fight for working people means Wall Street facing narrower profit margins, an economic consequence incompatible with the Hochul administration’s previous outlook.

It’s no coincidence corporate profits soar to record peaks while an affordability crisis plagues workers. The empirical facts of wealth inequality in America are well established. Money made from price increases during COVID mostly went to corporate profits.

Wages remain stagnant despite workers being more productive than ever.

These economic realities are well absorbed in the minds of Americans, four in five now support taxing the rich. But, Democrats never let popular ideas get in the way of milquetoast donor-approved platitudes. Sure, Kathy Hochul already broke from the mold by endorsing Mamdani in 2025, but she’s likely fielding calls from New York’s elite, hoping to reverse her moral awakening.

Upon publicly acknowledging her looming decision to increase taxes on the wealthiest people and corporations in the world’s financial capital, Hochul certainly received a torrent of emails and phone calls from Wall Street’s insolent vampires. Hochul told reporters at a press conference on Tuesday, “I am not supportive of a property tax increase, I don’t know that that’s necessary,” but she also didn’t signal support for taxing the rich instead.

Hochul’s vague remarks insist she is undecided, probably ruminating about the intoxicating comfortability of a political slush fund and posh life in Washington that accompanies a pledge to serve private interests over public good. Countless politicians have cashed in on moments like this, but rarely with this level of visibility. All eyes are on Albany.

Hochul’s two options are morally incomparable: on the one hand, the rich would like to have a bit more money. On the other hand, New York City must close the budget gap because working people rely on public services to meet their basic needs. Rampant exploitation and price gouging has made life unaffordable.

Why be a villain when you can be a hero? Kathy Hochul could set a precedent for all Democratic governors by taxing the rich at the state level, and reversing some of the fiscal damage caused by the Trump administration. Trump’s One Big Beautiful Bill reduces taxes for the top 1% by more than $1 trillion and cuts essential services for working people including cutting Medicaid spending by around $1 trillion. The political climate couldn’t be more perfect for taxing the rich. Following the Epstein files releases, the American people have unprecedented levels of disgust for elites. The move could put the party on a path to earn favorability again.

Hochul’s political career will be made by this moment, she could secure a lifetime of criticism for being the snake who masqueraded as a populist for the sake of popularity, or come out a party leader and hero for working people.