MAMDANI'S FIRST 100 DAYS: Mayor tells Albany budget gap shrunk by $5 billion, pushes wealth tax to further close it | amNewYork

"We've made some meaningful progress towards shrinking the gap. However, New York City is still placed on a ledge. The most responsible way off is with dedicated, recurring revenue that can provide the services New Yorkers deserve, the mayor said, adding that the imbalance in the city's relationship with the state is draining the city's resources. We are calling to end the drain, he added."

"He did not quantify how much would be taken out of the reserves. Still, he made clear that savings alone will not close the hole and renewed his push for higher taxes on the city's wealthiest residents even as several lawmakers questioned the wisdom of that approach and Gov. Kathy Hochul's repeated pushback on the plan. We've made some meaningful progress towards shrinking the gap."

"We are calling to end the drain, he added. This is not just a crucial first step, it is a key part of the problem. Without solving this inequity, we will only postpone this crisis. But he also squarely blamed what he dubbed the ABC the Adams Budget Crisis for much of the city's fiscal strain, repeating his accusation that the former Mayor Eric Adams was responsible for gross fiscal mismanagement."

On Tin Cup Day, Mayor Zohran Mamdani told Albany lawmakers that his administration lowered the city's previously projected two‑year budget deficit by $5 billion but warned that without new recurring revenue New York City remains on a ledge. Testifying Feb. 11 at the Joint Legislative Budget Hearing, he said aggressive savings without cutting services, updated revenue and bonus estimates, and use of in‑year reserves reduced a $12 billion projected gap to $7 billion. He did not quantify reserve use. He emphasized that savings alone will not close the hole and reiterated a push for higher taxes on the city's wealthiest residents amid questions and Gov. Kathy Hochul's pushback. He blamed the "Adams Budget Crisis" for much of the fiscal strain and said the state's imbalance drains city resources.

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