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City Faces $2.18 Billion Shortfall Amid New Spending Plans

12/17/2025

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Summary

Story summary

The city faces a projected budget shortfall of $2.18 billion, potentially reaching $13 billion by 2029, according to outgoing comptroller Brad Lander.
The shortfall results from underbudgeting and sluggish economic growth.
Mayor-elect Zohran Mamdani plans more than $10 billion in new spending, primarily funded by tax increases on corporations and the wealthy.

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Story summary

The city faces a projected budget shortfall of $2.18 billion, potentially reaching $13 billion by 2029, according to outgoing comptroller Brad Lander.
The shortfall results from underbudgeting and sluggish economic growth.
Mayor-elect Zohran Mamdani plans more than $10 billion in new spending, primarily funded by tax increases on corporations and the wealthy.