THE BRONX, N.Y. (PIX11) — Mayor Zohran Mamdani is projecting confidence that New York City will stabilize its budget and continue to bring jobs, despite financial analysts raising concerns and stagnating job growth.
He says his main focus is making sure places like the Bronx are included in any economic opportunities— and he’s not backing off his plan for higher taxes.
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New York City lost 38,000 jobs over the last year if you do not count the healthcare industry, according to NYC Comptroller Mark Levine.
At the same time City Government is facing a multi-billion-dollar deficit, resulting in the Moody’s Credit Rating Agency lowering the city’s financial outlook from “stable” to “negative,” just like it did during the uncertainty of the pandemic.
However, Mayor Mamdani said he has confidence that lawmakers in Albany will help the city out with new taxes and other monetary support.
“I think [Moody’s] decision to revise the outlook frankly is premature,” Mamdani said. “I do acknowledge they are maintaining the city’s credit rating at AA2. What we are seeing from Albany is a commitment that we can bridge this fiscal deficit and continue to invest in so many services that New Yorkers rely on.”
PIX11 pressed Mamdani about the city’s broader economic outlook.
The Mayor continues to favor raising corporate taxes, even as the job market is showing weakness. He said his proposal would only impact the most profitable corporations, not small businesses.
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As to the question about growing the City’s economy, Mamdani responded that his main focus was helping communities like those in the Bronx:
“For far too long, the language of economic development and economic justice has been seen as one in tension, when we believe they can be one in the same,” Mamdani said. “For example, I had a meeting yesterday with [top FIFA officials] about the World Cup that is coming to New York City… we want to make sure every borough in this city is one that tournament and the prospect of economic development from it.”
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