NYC Unveils Record $124.7B Budget for FY2027
The plan relies on $4 billion in new state aid and $500 million from a pied-a-terre tax to avoid a property tax increase.
- On Tuesday, Mayor Zohran Mamdani unveiled a $124.7 billion FY2027 executive budget that balances the city's books without raising property taxes, using state aid, agency savings, and new revenue measures.
- Governor Kathy Hochul provided $4 billion in new state assistance, bringing total aid to nearly $8 billion over two years, enabling the city to close the $12 billion deficit inherited from prior administrations.
- The plan includes a pied-à-terre tax on second homes valued over $5 million, projected to generate $500 million annually, alongside $2.3 billion in pension restructuring and a delay in school class size mandates.
- City Council leaders praised the budget for avoiding tax hikes, while Nassau County Executive Bruce Blakeman condemned the state aid as "daylight robbery," claiming it funds a "socialist experiment."
- Projections show the city faces budget gaps exceeding $7 billion for FY2028 and topping $9 billion for FY2029, signaling continued fiscal pressure beyond the current budget cycle.
98 Articles
98 Articles
Zohran Mamdani Closed New York's $12 Billion Deficit — But Not the Way He Promised
Zohran Mamdani's $12 billion deficit has officially been closed in New York City's latest budget deal. Still, the headline victory is already colliding with a more complicated reality behind the scenes, one that involves state intervention, dropped tax threats, and growing warnings about fiscal smoke and mirrors. Mayor Mamdani is declaring a win, but critics are asking a sharper question: did he actually fix the problem, or simply reshuffle it i…
City Hall finally balances NYC budget without property tax hike
After some delay, New York City has reached a consensus for the $124.7 billion executive budget without a nerve-inducing property tax hike on homeowners. “For too long, working New Yorkers have been told that austerity was the answer to adversity,” said Mayor Zohran Kwame Mamdani at the City Hall press conference on Tuesday, May 12. First, Mamdani said his team worked hard to partner with Governor Kathy Hochul, Senate Majority Leader Andrea Stew…
Mamdani’s ‘Balanced’ Budget Relies On Gimmicks, Bailouts, and Borrowed Time
New York City’s budget crisis has been solved. Socialism finally works. Hooray. That’s the not-too-believable message from Mayor Zohran Mamdani on Tuesday, who assured voters that despite all they’ve heard about socialism running out of other people’s money, he’d finally gotten around that inconvenient problem. Weeks after warning that New York City faced a “historic” budget crisis and delaying its mandatory submission, Mamdani suddenly announce…
No, Zohran Mamdani did NOT balance the budget. Here's what really happened...
Watch Louder with Crowder every weekday at 11:00 AM Eastern, only on Rumble Premium!Mamdani has made some bold claims about New York City’s fiscal success. The problem with this is that he’s wrong. Today’s show breaks it down.“It is amazing how these people lie straight to your face,” Crowder said. According to the New York Post: He announced that Gov. Kathy Hochul and state lawmakers would dollop a few extra billion dollars on Gotham over the n…
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