New York’s Democratic-led state Legislature wants to give Mayor Zohran Mamdani a multi-billion dollar bailout, according to new documents released Tuesday.

What You Need To Know

The state Assembly and Senate want to fill the city’s budget hole — estimated to be more than $5 billion

Claiming his budget crisis is worse than “the Great Recession” last month, Mayor Zohran Mamdani shaved down his estimated $12 billion budget gap to over $5 billion, saying that without tax hikes he’d have to raise property taxes on city homeowners

But Republicans slammed the state Senate and Assembly for siding with Mamdani, pointing out what he described as mayor’s outsized influence on the 213-member elected body

The move comes without the blessing of Gov. Kathy Hochul, who already said she’s a “no” on new taxes, insisting that the state has enough cash to spend on key programs.

Now, the state Assembly and Senate want to fill the city’s budget hole — estimated to be over $5 billion.

According to newly released documents called the one-house budget resolutions, the plan includes raising taxes on New York’s highest earners, increasing the corporate tax rate on big businesses and cutting large checks for City Hall’s shelter, health care and local government funds.

“The legislature and I agree: We cannot bridge a $5.4 billion budget deficit on the backs of working-class New Yorkers,” Mamdani said during a separate event in New York City Tuesday.

The mayor, a former state assemblyman, is celebrating news that his former colleagues want to give him some financial aid.

“We are not only confident of being able to bridge this fiscal deficit in partnership with the state, but we are also confident in advancing an affordable agenda that makes it easier to live in the city,” he added.

The governor’s office was vague in its response to the proposals.

“The governor looks forward to working with the legislature to pass a budget that makes New York safer and more affordable for working families,” Jennifer Goodman, a spokeswoman for Hochul said.

“I think the momentum is certainly on our side,” state Sen. Majority Leader Andrea Stewart-Cousins, a Democrat representing Westchester, said in Albany on Tuesday.

“I’m committed to making sure that the city and all the cities around the state are on solid financial ground,” Bronx Democratic state Assembly Speaker Carl Heastie said.

Claiming his budget crisis is worse than “the Great Recession” last month, Mamdani shaved down his estimated $12 billion budget gap to over $5 billion, saying that without tax hikes he’d have to raise property taxes on city homeowners.

The argument is strong enough to sway top Democrats.

“I don’t blame the mayor. He has a responsibility to put together a financial plan. People pay attention to that, bondholders,” Heastie said. “We don’t want property taxes to go up.”

Typically, both Democratic-led chambers agree on new taxes, but in recent years they haven’t made it into law.

“There’s many, many ways for us to get somewhere,” Heastie said when pressed.

He also said he wants City Hall to show its notes on trying to come up with additional cost savings in its current spending plan.

But Republicans slammed the state Senate and Assembly for siding with Mamdani, pointing out what he described as Mamdani’s outsized influence on the 213-member elected body.

“Who has more influence in New York? The mayor of New York? Or the governor of New York?” state Senate Minority Leader Robert Ortt said during a press conference at the state Capitol Building. “The mayor of New York is the one dictating policy out of Albany, that is bad for the people I represent as much as it’s bad for the people of Staten Island.”

Some think they can sway Hochul on taxes, who has argued the state’s $17 billion surplus is enough to cover program expansions statewide.

“We don’t know what is happening at the federal level. We don’t know what they’re pulling from us,” state Sen. Liz Krueger, a Manhattan Democrat, explained.

“Once you get people to acknowledge the work that has to be done, then you figure out how you’re going to pay for it and what you’re going to do,” Heastie said.

Both chambers also want to allocate money for Mamdani’s signature free bus program.

Meanwhile, the City Council released a report that Mamdani’s idea to dip into city reserves is a bad financial strategy.