NEW YORK — Last summer, as then-candidate Zohran Mamdani worked his charm on the city’s skeptical business elite, he floated an idea to soften the blow of his most high-profile campaign plank.

The mayor has left lawmakers with the belief he does not plan to pursue an unpopular property tax increase, as he looks to close a budget gap of $5.4 billion over two years. By Sally Goldenberg ...