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Mamdani seeks Albany's help with $7B budget hole
Mamdani proposes a 2% millionaire surcharge and higher corporate taxes to close NYC's $7 billion budget gap, citing underfunding and inherited deficits from prior administration.
- On Feb. 11, Mayor Zohran Mamdani testified in Albany during Tin Cup Day, seeking state aid and proposing a 2% surcharge on income above $1 million to close a $7 billion gap.
- Pointing to structural causes, Mamdani argued the elimination of AIM funding deprived NYC of at least $4.8 billion over 16 years and blamed prior budgeting on Eric Adams.
- The administration said it reduced the gap by $5 billion through updated estimates and reserves, cutting the $12 billion projection by $3 billion in revised revenue, $1 billion in savings, and $1 billion from reserves.
- Gov. Kathy Hochul signaled resistance to higher state income taxes despite pledging $1.7 billion for childcare, while the Democratic-controlled state Assembly and Senate remain open to tax changes before the March 31 budget deadline.
- Passage could hinge on the Fair Share Act, sponsored by State Sen. John Liu and Assembly Member Phara Souffrant Forrest, while around 800,000 net residents leaving complicates reliance on higher taxes.
14 Articles
14 Articles
MAMDANI’S FIRST 100 DAYS: Mayor tells Albany budget gap shrunk by $5 billion, pushes wealth tax to further close it
Wednesday, Feb. 11, marks the 42nd day of Zohran Mamdani’s term as mayor. amNewYork is following Mamdani around his first 100 days in office as we closely track his progress on fulfilling campaign promises, appointing key leaders to government posts, and managing the city’s finances. Here’s a summary of what the mayor did. On “Tin Cup Day,” Mayor Zohran Mamdani told Albany lawmakers that his administration had lowered the city’s previously proje…
NYC Mayor Mamdani pleads to state legislators for more funding
Testifying before a budget hearing — at the annual "Tin Cup Day" when city leaders ask for more funding from the budget — the Democratic socialist urged them to provide more funding for the city and allow him to raise taxes on top earners.
Mamdani Says Budget Gap Has Shrunk, Easing Pressure on Albany to Tax the Rich
New York City’s estimated $12 billion budget gap over the next two years shrank to $7 billion over the last few weeks after updating revenue and bonus estimates and tapping into reserves, Mayor Zohran Mamdani told state lawmakers Wednesday. The mayor traveled back to Albany for his first “Tin Cup Day” as mayor, after years on the other side of the aisle as a Queens assemblymember. The annual trip is a chance for mayors across New York to request…
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