Mayor Mamdani Unveils $124.7 Billion Budget, Claims to Close $12 Billion Deficit Without Tax Hikes or Service Cuts

Mayor Zohran Mamdani released a $124.7 billion FY2027 executive budget in May 2026 that he claims closes a projected $12 billion deficit through state aid, savings measures, and a new pied-à-terre tax on luxury properties. The budget avoids property tax increases and major service cuts while making the largest capital commitment to NYCHA in recent history.

• 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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