Hochul and Mamdani Joint Announce $4B Additional Aid Package — State-Authorized Savings + New Revenue + Pied-à-Terre Tax Stabilize NYC Budget Hours Before Rollout

Hours before the FY27 Executive Budget rollout, Governor Hochul and Mayor Mamdani jointly announced a ~$4B package of state aid, new revenue and state-authorized savings — enough to allow NYC to close its gap without a property tax hike and without dipping into reserves. Combined with previously announced state support, total new state assistance is ~$8B over two years. The package includes the previously announced $500M-projected pied-à-terre tax on $5M+ second homes (one-to-three family homes, condos, co-ops where owner has another primary residence outside NYC); details still subject to legislative finalization. Frame: a thaw between Hochul (had publicly rebuffed Mamdani's PTET-75% revenue ask Apr 29) and the new mayor, ahead of the May 12 NYC rollout. PTET-credit rollback is NOT in the deal — Hochul "held true to what I said."

• keptPied-à-terre tax on $5M+ second homes
• brokenCorporate tax hike ($1.75B/year)
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M

• Democratic Primary Final Stretch — Early Voting Runs Through Sun Jun 21, Election Day Tue Jun 23; Mamdani-Endorsed Slate (Lander NY-10, Valdez NY-7, Avila Chevalier NY-13) Faces First Big Test of Mayoral CoattailsNY1 | NBC News | PBS NewsHour | Washington Times | City & State NY · June 19, 2026
• Rockaway Residents Rally at City Hall Over Trauma Center FundingThe Wave · June 12, 2026