US Edition‘Crisis of Historic Magnitude': Mamdani Says State Should Help with Multi-Billion Budget Gap
Mamdani and Menin said reducing a business tax credit could save the city nearly $1 billion as they press Albany for more aid.
- On Tuesday, New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin announced a joint push for a $1 billion tax rollback and increased state aid to address the city's growing budget deficit.
- Mamdani declared a "budget crisis of historic magnitude," blaming years of mismanagement by former Mayor Eric Adams and a structural imbalance where the city receives 41.7% of state expenditures despite contributing 55.6% of revenue.
- The pair proposed reducing the Passthrough Entity Tax credit to 75% and restructuring pension liabilities and class-size mandates, measures they said would save the city more than $1 billion.
- Governor Kathy Hochul rejected the PTET reduction, citing over $4 billion in existing state assistance, while the city extended its executive budget deadline to May 12 for continued negotiations.
- Mamdani and Menin maintain that "the crisis of this scale cannot be solved without State action" as the city navigates its $12 billion funding gap amid pending state budget negotiations.
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NYC Socialist Mayor Mamdani Warns of ‘Historic’ Budget Shortfall, Seeks State Aid and New Revenue
New York City leadership says a multi-billion-dollar gap cannot be closed without additional funding and structural changes with the state. The post NYC Socialist Mayor Mamdani Warns of ‘Historic’ Budget Shortfall, Seeks State Aid and New Revenue first appeared on [your]NEWS.
Life and Liberty
ussanews.comMamdani’s Budget Crash Hits Fast
Mamdani’s Budget Crash Hits Fast New York City Mayor Zohran Mamdani is barely into the job, and the money trouble is already front and center. Three months after taking office, he says the city is facing what he calls a “budget crisis” and wants the state to step in. That is a fast turn from the campaign trail. Mamdani ran on big promises and a political style built around more spending, more programs, and more government promises. Now the bill …
NYC budget gap help sought by Zohran Mamdani. What Kathy ...
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