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New York Mayor Mamdani Announces $12 Billion Budget Deficit Closed Without Austerity Measures
(www.commondreams.org)
this post was submitted on 13 May 2026
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At least 4 billion of that was in infusion from the state. It seems unlikely this balance will persist without significant further effort.
Taxing billionaires faily isn't actually much work at all.
Instead of wasting countless hours trying to pull more money from 7 million poor and middle-class New Yorkers just tax the billionaires.
The effort I meant was not in taxing billionaires; I agree that's easy.
The effort I meant was convincing the state to contribute that same 4b next fiscal year. My understanding is that there's not some long-term agreement in place between the city and state and could serve as a baseline assumption going forward.
That's what I meant though, if the 157 Billionaires living in NYC full time would pay their fair share of taxes there would be no deficit and no need for 4B from the state.
4.5+ billion from the state, because the governor is sucking up to Mamdani for reelection; it's doubtful it'll happen again outside the election year. The state is also contributing more money to cover public servant death payouts and school funding.
There's a couple billion from deferring payments into various retirement funds (which other mayors have also done), except the unions need to sign off on it and the cops have already said No. Even if everyone agreed, it just pushes that fiscal can down the road.
There's another billion or so from deferring limits on classroom size, a half billion from the billionaire housing tax, and some other stuff.
He's clearly working on the issue, and is still negotiating behind the scenes; I just wish he hadn't made this announcement like this, where it doesn't hold up to full scrutiny.
There are 154 billionaires(*) living in NYC full time, if they all would pay their fair share of taxes there would be no budget issue at all.
*most of them own multiple billions of USD, and their wealth rises up to 30% each year.
I'm not denying the billionaires are not and have not been paying their share. I'm saying that announcing "The Budget is Balanced!! (Terms and Conditions Apply) Is more of a PR move.
It's also a negotiation tactic to put pressure on the groups he still has to have come to the table amd agree to these terms.
Wait: Can I get one of these infusion thingies?
Talk to your governor. What's your budget look like for FY 2027?
/s
It could very well be that that "State" money is money collected from NYC residents.
I looked it up out of curiosity, and in 2024, New York City provided 1.35 trillion of the state's 2.3 trillion dollar GDP.
No he did say in a public update video that he did get Hochul to give NYC more from the state's budget. Not like "this fixed everything" kind of money, but some of it was from the State.
And I mean, sure probably from State taxes and all, yea, but that's just how governments work