NYC FY27 Executive Budget Drops Tomorrow (Tue May 12) — Mamdani Inherits $5.4B Gap, 9.5% Property-Tax Hike on Table, Council "Hard No," Hochul Vetoes PTET Plan B

Mayor Mamdani is set to release the FY27 Executive Budget tomorrow (Tue May 12) — 11 days past the original May 1 charter deadline that he and Speaker Menin jointly extended on Apr 28 specifically to absorb the still-unfinalized state budget. The administration inherits a ~$5.4B FY27 gap. The Feb 2026 $127B Preliminary Budget assumed a 9.5% property-tax rate hike ($3.7B FY27) plus $2.2B for Universal Pre-K expansion, ~$582M for early-childhood education, $543M for state-mandated class size reduction, and city-funded rent-geared housing — alongside a 1.5% / 2.5% citywide agency PEG. The April 1 Council response flatly rejected the property-tax hike and the reserve raid, identifying $6B in alternative resources via re-estimates and efficiencies. The Mamdani-Menin Plan B — 75% PTET rollback worth ~$1B from Albany — was vetoed outright by Hochul ("It's not happening"). DOE first-round PEG: $58.8M. Mamdani has also floated a pension-payment delay. Tomorrow's document is the final mayoral proposal before the Council negotiates and adopts the FY27 budget by July 1, 2026.

• 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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