The city may have to raise property taxes and raid rainy day funds, including the Retiree Health Benefit Trust Fund, to close a massive budget gap for the coming fiscal year, Mayor Zohran Mamdani warned on Tuesday. Presenting the first preliminary budget of his tenure, Mamdani said that due to financial mismanagement and obfuscation during the Adams administration, the city has been left with a $5.4 billion deficit.
To fill this chasm, Mamdani and some of his labor and local community group allies have been lobbying Governor Kathy Hochul to raise income taxes for New Yorkers with incomes over $1 million and increase the corporate tax rate. But, without the support from the state to raise these taxes, Mamdani said he would be left with the “path of last resort” using the tools available to the city.
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