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https://www.cbsnews.com/newyork/news/zohran-mamdani-nyc-mayor-budget/
New York City Mayor Zohran Mamdani unveiled his preliminary financial plan Tuesday on the heels of the announcement that the state will give the city $1.5 billion to help fix a massive budget shortfall.
His tax-centric new fiscal plan seeks to close a multibillion budget gap with two choices: sock it to the rich or sock it to property owners.
Mamdani says his new spending plan is the truth, gimmick-free. To some, however, the threat of raising property taxes if he doesn't get a wealth tax from Albany is the biggest gimmick of all.
"As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation," Mamdani said. "When we took office, we inherited a historic budget gap."
Mamdani said that what had initially been a $12 billion gap was lowered to $7 billion due to steps his administration has taken, as well as incorporating income from Wall Street bonuses. That gap has since been lowered even further to $5.4 billion due to an infusion to New York City of $1.5 billion from the state, thanks to Gov. Kathy Hochul.
"While considerably less, it is still a significant chasm," Mamdani said. "There are two paths to bridge this gap. The first is the most sustainable and the fairest path. This is the path of ending the drain on our city and raising taxes on the richest New Yorkers and the most profitable corporations. The onus for resolving this crisis should not be placed on the backs of working and middle class New Yorkers. If we do not fix this structural imbalance, and do not heed the calls of New Yorkers to raise taxes on the wealthy, this crisis will not disappear. It will simply return, year after year forcing harder choices each time."
Mamdani said the only other option - a so-called "second path" - is the city would have to raise property taxes and raid its reserves.
New York City Mayor Zohran Mamdani unveiled his preliminary financial plan Tuesday on the heels of the announcement that the state will give the city $1.5 billion to help fix a massive budget shortfall.
His tax-centric new fiscal plan seeks to close a multibillion budget gap with two choices: sock it to the rich or sock it to property owners.
Mamdani says his new spending plan is the truth, gimmick-free. To some, however, the threat of raising property taxes if he doesn't get a wealth tax from Albany is the biggest gimmick of all.
"As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation," Mamdani said. "When we took office, we inherited a historic budget gap."
Mamdani said that what had initially been a $12 billion gap was lowered to $7 billion due to steps his administration has taken, as well as incorporating income from Wall Street bonuses. That gap has since been lowered even further to $5.4 billion due to an infusion to New York City of $1.5 billion from the state, thanks to Gov. Kathy Hochul.
"While considerably less, it is still a significant chasm," Mamdani said. "There are two paths to bridge this gap. The first is the most sustainable and the fairest path. This is the path of ending the drain on our city and raising taxes on the richest New Yorkers and the most profitable corporations. The onus for resolving this crisis should not be placed on the backs of working and middle class New Yorkers. If we do not fix this structural imbalance, and do not heed the calls of New Yorkers to raise taxes on the wealthy, this crisis will not disappear. It will simply return, year after year forcing harder choices each time."
Mamdani said the only other option - a so-called "second path" - is the city would have to raise property taxes and raid its reserves.
