NEW YORK CITY (WABC) — A busy day at City Hall today as Mayor Zohran Mamdani is expected to release his first preliminary budget for New York City.
This comes a day after Gov. Kathy Hochul announced a $1.5 billion investment into the city over the next two years.
The additional funding includes $510 million targeting costs that have shifted from the state to the city under prior administrations including $300 million for youth programs, $60 million for public health, and a restoration of $150 million in sales tax receipts that would have been retained by the state.
During testimony in Albany, Mayor Mamdani had said the city is facing a $7 billion budget gap, down from what he initially estimated to be $12 billion last month, that he says he inherited from the previous administration, calling it “Mayor Adams’ budget crisis.”
Mayor Mamdani has continued to make calls that the wealthy should pay higher taxes, asking Gov. Hochul to usher in a 2% tax increase on people making over a million dollars a year.
“I believe that the wealthiest individuals and most profitable corporations should contribute a little bit more so that everyone can live lives of dignity. That’s why, along with raising the corporate tax, I’m asking for a 2% raise in personal income taxes on the most affluent New Yorkers,” Mamdani said.
As the mayor outlines his budget, it will become clear how the Mayor plans to fund his campaign promises centered around affordability
Ahead of today’s budget release, Mamdani will meet with Council Speaker Menin as the council will poke at what he’s presented, and at some point negotiate a budget.
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