"Mayor Zohran Mamdani is set to lay out his plan to balance New York City's budget. The mayor estimates the budget gap is around $7 billion for the current and next fiscal years combined. Gov. Kathy Hochul says the state is committing another $1.5 billion to help the city. Mamdani says there are two paths to fixing the budget: taxing the "ultra-wealthy" and "most profitable corporations" through Albany or the City can find ways to balance the budget "on the backs of working people.""
"Today, I'm releasing the City's preliminary budget. After years of fiscal mismanagement, we're staring at a $5.4 billion budget gap - and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between...- Mayor Zohran Kwame Mamdani (@NYCMayor) February 17, 2026 "New Yorkers voted for bold change and competent leadership. We will deliver both, and we look forward to partnering with Albany to protect working New Yorkers," the mayor said on X."
Mayor Zohran Mamdani released a preliminary budget estimating a combined $7 billion gap for the current and next fiscal years, with an immediate $5.4 billion shortfall. Governor Kathy Hochul committed $1.5 billion in state assistance to help address the deficit. Mamdani framed two options: Albany can raise taxes on the ultra-wealthy and the most profitable corporations, or the city can pursue measures that would shift the burden onto working people. Mamdani emphasized his stance in advance of the formal budget announcement and called for partnership with Albany to protect working New Yorkers.
Read at NBC New York
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