NEW YORK (PIX11) – New York state will provide another $4 billion to New York City to cover its budget gap, Gov. Kathy Hochul and Mayor Zohran Mamdani announced Tuesday.
Mamdani is expected to release his executive budget on Tuesday afternoon, roughly two weeks delayed. The $4 billion sum includes $508 million in relief from the class-size mandate and approval for a $2.3 billion pension restructuring, according to a source in the governor’s office.
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The aid also includes $500 million in projected revenue from a pied-à-terre tax on second homes, the source told PIX11 News.
Speaking at City Hall Thursday morning, Public Advocate Jumaane Williams expressed some caution about the state aid, as Hochul and the legislature have not yet solidified the month-delayed budget.
“It’s counting a lot on the state, which we’re not 100% sure. I want to revisit this when we find out what’s coming,” Williams said. “If what was projected to come comes, I think we’re in much better shape. If it doesn’t, we’re kind of back to square one again.”
Mamdani is expected to release his executive budget on Tuesday afternoon, roughly two weeks delayed. He said the new state aid allows New York City to close its massive budget gap.
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Emily Rahhal is a digital reporter who has covered New York City since 2023 after reporting in Los Angeles for years. She joined PIX11 in 2024. See more of her work here and follow her on Twitter here.
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