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.<\/p>\n
This comes a day after Gov. Kathy Hochul announced a $1.5 billion investment into the city over the next two years.<\/p>\n
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.<\/p>\n
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.”<\/p>\n
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.<\/p>\n
“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.<\/p>\n
As the mayor outlines his budget, it will become clear how the Mayor plans to fund his campaign promises centered around affordability<\/p>\n
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.<\/p>\n
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