Mamdani Drops $124.5B FY27 Executive Budget — Property-Tax Hike SCRAPPED, Hochul Adds $4B (Total $8B State Aid Closes $12B Inherited Gap), No Reserves Raid

Mamdani filed his first FY27 Executive Budget Tuesday — $124.5B (down from the $127B February preliminary). Major reversals: (1) the threatened 9.5% property-tax hike is OFF the table; (2) the city reserves stay intact; (3) Hochul announced an additional $4B of gap-closing aid this morning ahead of the rollout — bringing total new state assistance to ~$8B over two years and fully closing the $12B+ inherited two-year shortfall; (4) state aid includes the $500M-projected pied-à-terre tax. Trade-offs: ~$1.2B of housing+education cuts; CityFHEPS reined in for ~$519M FY27 savings (centralized support, emergency-hotel limits); class-size law compliance delayed by agreement with the state; NYPD held roughly flat ($6.4B → $6.38B); Office of Community Safety (OCS) noticeably under-funded — Times of Israel notes the budget "leaves out community safety office." Council reaction (Menin + Finance Chair Linda Lee): "productive meeting," appreciates approach that "identifies savings and avoids raising property taxes or raiding reserves." Comptroller Levine: "pretty modest" new spending, "this conservative" budget is unusual, but flags $7B out-year FY28 shortfall and reliance on "one-shot" measures.

• 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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