**Mayor Zohran Mamdani’s push for a new 2% flat tax on New York City residents earning $1 million or more faces steep structural and procedural barriers in the final months of 2026.** The proposal requires approval from the state legislature in Albany and Governor Kathy Hochul, amid ongoing legal challenges to the related pied-à-terre surcharge on high-value second homes and documented out-migration of high earners that has already reduced the city’s share of U.S. millionaires. Recent Wall Street profit surges have eased immediate budget pressure, while business opposition and concerns over further taxpayer flight have limited momentum for additional income-tax hikes. With fewer than three months remaining before the December 31, 2026 resolution deadline, the narrow window makes passage of major new tax legislation improbable absent an unforeseen fiscal emergency or sudden coalition shift. Traders assign only low-single-digit odds to a reversal of the current consensus.