Story perspectives

Mayor Secures $4B, Balances Budget, Deficit Gone, 2028 Shortfall Looms

5/13/2026

Summary

Story summary

Mayor Zohran Mamdani secured a $4 billion cash infusion from Governor Kathy Hochul, raising state aid for FY2027 to $8 billion and balancing $124.7 billion budget, eliminating a $12 billion deficit.
The plan includes $1.77 billion agency savings, a $500 million pied-à-terre tax and a $68 million business-tax credit cut.
New $1.39 billion spending funds libraries, parks, cultural sites and public-safety programs.
Comptroller Mark Levine warned the budget relies on one-time measures and faces a $7 billion FY2028 shortfall.

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Story summary

Mayor Zohran Mamdani secured a $4 billion cash infusion from Governor Kathy Hochul, raising state aid for FY2027 to $8 billion and balancing $124.7 billion budget, eliminating a $12 billion deficit.
The plan includes $1.77 billion agency savings, a $500 million pied-à-terre tax and a $68 million business-tax credit cut.
New $1.39 billion spending funds libraries, parks, cultural sites and public-safety programs.
Comptroller Mark Levine warned the budget relies on one-time measures and faces a $7 billion FY2028 shortfall.