Hochul + Mamdani Joint Announcement Wed May 20 — Additional $4B State Aid Secured, Bringing Total New State Assistance to ~$8B Over Two Years; Mamdani Declares $12B Inherited Deficit Officially Closed

Gov. Hochul and Mayor Mamdani held a joint press event announcing an additional $4 billion in gap-closing support from the state legislature, on top of the $4 billion already booked in the May 12 executive budget — for a total of nearly $8 billion in new state assistance to NYC over two years. With this agreement, the Mamdani administration says it has officially closed the more than $12 billion deficit inherited from Adams. The deal still hinges on Albany finalizing pieces of the FY27 state budget (pied-à-terre tax, immigrant legal defense, mayoral control). Hochul framed it as proof Albany can deliver for NYC; Mamdani framed it as a $12B win without austerity or property-tax hikes.

• 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

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