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

Mayor Zohran Mamdani unveiled his first budget that eliminates a projected $12 billion deficit over two years without raising property taxes or cutting social services, relying heavily on $7.6 billion in state aid from Governor Hochul. The plan includes $1.77 billion in agency savings through 'Chief Savings Officers' and delayed pension payments worth $1.6 billion.

• 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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