NEW YORK CITY (PIX11) – The New York City Council says it found $6 billion to close the city budget gap without increasing city property taxes.

Mayor Zohran Mamdani has threatened to hike property taxes to close a $5.4 billion budget gap. A property tax increase would have to go through the City Council, and Speaker Julie Menin has said it’s a “non-starter.”

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On Wednesday, Menin said the council has found an alternative plan that would save the city a whopping $6 billion over two fiscal years.

The council argues that Mamdani underestimated revenue sources, including construction late fees and increased rent from the Port Authority. The council believes the mayor also overestimated personnel costs to include positions that haven’t been filled for much of the past year.

The council suggested adjustments to the state’s expensive class size mandate and increased red-light camera enforcement.

The mayor rejected Menin’s budget analysis outright, accusing the council of double-counting already found savings. He has said property taxes are a last resort option if Gov. Kathy Hochul refuses to increase taxes on wealthy New Yorkers, but some new revenue stream is necessary.

“Speaker Julie Menin’s preliminary budget proposal would result in slashing billions of dollars from agency budgets, which would force the City to cut services,“ Mamdani said in a statement. “Any proposal that claims we can close this gap without significant new revenue is unrealistic.”

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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