"CITY HALL - MAYOR ZOHRAN MAMDANI said New York City faces a projected $12 billion budget shortfall across fiscal years 2026 and 2027, according to a press release. He blames the "staggering" fiscal mismanagement by former Mayor Eric Adams for underbudgeting core services like cash assistance, shelter operations and special education. Mamdani also points to what he called intentional understatement of future gaps - citing, for example, $860 million budgeted for FY26 cash assistance versus projections nearing $1.7 billion -"
"and argued the city's fiscal stress was worsened by a long-running imbalance with Albany, including claims that in 2022 the city sent $68.8 billion in revenue to the state and received $47.6 billion back. Mamdani said his administration will deliver a balanced preliminary budget Feb. 17, pursue "savings and efficiencies" rather than austerity, press Albany to "reset" funding and push to raise taxes on the wealthiest New Yorkers and most profitable corporations."
New York City faces a projected $12 billion budget shortfall across fiscal years 2026 and 2027. The shortfall is attributed to underbudgeting of core services including cash assistance, shelter operations, and special education. An $860 million FY26 cash assistance allocation is contrasted with projections nearing $1.7 billion. The city's fiscal stress is linked to a long-running revenue imbalance with the state, with a claim that in 2022 the city sent $68.8 billion to the state and received $47.6 billion back. The administration plans a balanced preliminary budget on Feb. 17, pursue savings and efficiencies rather than austerity, press for a state funding reset, and seek higher taxes on the wealthiest residents and most profitable corporations.
Read at Brooklyn Eagle
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