NYC Budget Gap Shrinks from $12B to $7B as Mamdani Proposes Balanced Preliminary Budget

Mayor Mamdani reduced the city's projected $12 billion budget deficit to $7 billion through updated revenue estimates, Wall Street bonuses, and reserve funds. His preliminary $127 billion budget for FY27 includes major investments in universal childcare and affordable housing.

• brokenCorporate tax hike ($1.75B/year)
• keptPied-à-terre tax on $5M+ second homes
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M