Mamdani Unveils $124 Billion Budget, Closing $12 Billion Gap Without Tax Hike

3 articles · Updated · THE CITY · May 12

$124 billion is the size of Mayor Zohran Mamdani’s budget plan, which City Hall says closes a $12 billion two-year gap without tapping reserves or raising property taxes.
$8 billion in state aid underpins the fix, with Mamdani and Gov. Kathy Hochul saying they worked together to fund child care, education, public safety, infrastructure and other city services.
Mark Levine, the city comptroller, called the budget’s added spending “pretty modest” but warned it still leans on one-shot measures and faces about a $7 billion shortfall in the following fiscal year.
The proposal arrives after state budget delays pushed back the city’s executive budget and after Mamdani had earlier floated a property tax increase as a last-resort option that drew backlash and little council support.
Jumaane Williams cautioned that the state help is not certain until Albany passes its budget, leaving some risk around the plan’s longer-term fiscal footing.

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