New York State is planning to give New York City an additional $1.5 billion dollars over the next two years to help the city address their financial issues.
The announcement was made Monday by New York Governor Kathy Hochul.
The proposal would provide $1 billion more in funding, with $510 million going toward expenses that had been shifted from the state to New York City, including youth programs, sales tax revenue and public health, and the remaining $500 million reserved for priorities to be worked out later.
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“A strong New York City means a stronger New York State. This investment protects services and puts the city on stable financial footing,” Governor Hochul said in a press release. “New Yorkers expect the state and the city to work together, and I’m proud to partner with the Mayor to deliver for working families.”
“Working New Yorkers did not create this budget crisis and they should not be the ones to pay for it. After years of staggering fiscal mismanagement under the previous administration, our city deserves responsible and collaborative leadership. I am heartened by this budgetary progress and Governor Hochul’s partnership at this critical moment. This is what it looks like to begin a new, productive, and fair relationship between City Hall and Albany – focused on delivering for working New Yorkers,” said NYC Mayor Zohran Mamdani.