Mayor Bloomberg said the city may need a 7% property tax increase to deal with the city's projected deficit--which will probably grow due to the poor economy. The NY Times reports that the Bloomberg administration has been "considering" the hike (which would mean $600 million in revenue) and notes how an "estimated 10% of the city's tax revenues come from Wall Street." The Mayor said yesterday, "I think the solution is a combination of expense reduction, which nobody is going to be happy about, and revenue enhancements, which nobody is going to be happy about. This is not going to be a feel-good time.”