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.

• 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

• Democratic Primary Final Stretch — Early Voting Runs Through Sun Jun 21, Election Day Tue Jun 23; Mamdani-Endorsed Slate (Lander NY-10, Valdez NY-7, Avila Chevalier NY-13) Faces First Big Test of Mayoral CoattailsNY1 | NBC News | PBS NewsHour | Washington Times | City & State NY · June 19, 2026
• Rockaway Residents Rally at City Hall Over Trauma Center FundingThe Wave · June 12, 2026