"After years of fiscal mismanagement, we're staring at a $5.4 billion budget gap and two paths, Mamdani wrote in a statement posted ahead of the budget's release. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City's disposal."
"Budget documents reviewed by amNewYork show that the mayor's February 2026 Financial Plan balances the city's budgets for fiscal years 2026 and 2027, but does so by relying on one-time actions, reserve drawdowns, and increased revenues. The plan assumes billions of dollars in additional property tax revenue beginning in fiscal 2027, totaling roughly $3.6 billion to $3.8 billion annually through 2030."
New York City faces a $5.4 billion budget gap for fiscal 2026, with two options presented: state-level tax increases on the ultra-wealthy and profitable corporations, or city-level measures that could raise property taxes and burden working residents. The February 2026 Financial Plan balances 2026 and 2027 budgets using one-time actions, reserve drawdowns, and increased revenues. The plan assumes $3.6–$3.8 billion in additional annual property tax revenue beginning in fiscal 2027, but still projects out-year shortfalls of $6.7 billion in 2028, $6.8 billion in 2029, and $7.1 billion in 2030. A 2 percent income tax on high earners has been proposed.
Read at www.amny.com
Unable to calculate read time
Collection
[
|
...
]