Mamdani Releases $124.7 Billion Executive Budget, Closes $12 Billion Deficit Without Property Tax Increases

Mayor Zohran Mamdani unveiled a $124.7 billion budget that eliminates a projected $12 billion deficit through state aid, agency savings, and limited new taxes on the wealthy. The plan avoids property tax increases and major service cuts while relying heavily on $7.6 billion in state assistance from Governor Hochul.

• 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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