NEW YORK - New York City Mayor Michael Bloomberg is looking to property owners to help defray the city's losses following Wall Street's recent meltdown.

Bloomberg has proposed a 7 percent hike in property taxes, starting Jan. 1, that will hit owners of homes, condos, co-ops and commercial real estate. The hike, Bloomberg says, is in an attempt to restore at least some of the funds that would have previously come from now downtrodden financial firms.

The proposed increased property taxes would restore $600 million of the $2.3 billion deficit Bloomberg projects for fiscal year 2010.

This is the first of many plans that will undoubtedly emerge as the city looks to clean up damages from its financial shortfall. Bloomberg, meanwhile, challenges anyone running for city office to make their own stands known on balancing the budget.