Looks like NYC’s communist mayor has had second thoughts about extracting more taxes by raising New Yorkers’ property taxes – something he vowed to do to help close a two-year deficit. According to Bloomberg, the decision to drop the tax hike will be included in Mamdani’s executive budget released today, which will mark the latest version of his spending plan for the fiscal year beginning July 1.  This is separate from a tax on second homes (the so-called pied-à-terre) that was initiated by Governor Kathy Hochul – which is still under consideration as part of state budget negotiations.  Earlier this year, Mamdani threatened to raise property taxes by nearly 10% as a way to lobby Hochul for more funding. He had little support for an across-the-board increase, with City Council members including Speaker Julie Menin opposing the plan. Any increase would have needed to be passed by that chamber. -Bloomberg Mamdani’s preliminary budget proposal earned the city a credit rating downgrade to negative, citing the city’s long-term structural problems. He also proposed raiding the city’s emergency savings account for …