New York City Mayor Zohran Mamdani said Tuesday his team has balanced the budget, closing a gap of more than $12 billion that he says he inherited.

"‘Today, after three more months of painstaking work, I am proud to announce that we have closed the gap entirely down to zero. It has not been easy, but we have balanced the budget, and we have done so without placing the burden on the backs of working New Yorkers,’ Mamdani said.

That remaining $5.4 billion has been filled with $4 billion in aid from Albany and $1.77 billion in savings, mostly through efficiencies and not filling vacant positions. Mamdani said he wouldn’t tap into the city’s “rainy day fund” to balance the budget."

  • MasterBlaster@lemmy.world
    32·
    4 days ago

    Except for that tax on second homes that are mostly unoccupied like the $240M appartment.

    Mamdani’s plan apparently worked, because even though the mayor didn’t get a request for increasing corporate taxes, he got Hochul to back a new pied-à-terre tax on luxury second homes that hopes to raise $500 million annually.

    The proposal is already drawing sharp criticism from billionaires like Citadel CEO Ken Griffin.

    And the tax on luxury property sales:

    Sources in Albany say New York City asked for a new tax on cash sales of luxury apartments valued over $1 million, which is expected to raise $100 million annually. Sources in the state Legislature say approval of this tax is in play.

    And also that tax credit:

    The mayor also proposed raising $68 million by reducing a city business tax credit that overwhelmingly benefits millionaires.

    So yeah… not taxing the rich. These people are only the top 2%, barely worth recognition by the real rich in the top .01%.

      • rainwall@piefed.socialEnglish
        6·
        4 days ago

        They have momentum and public support in an election year. Some of these will pass and pay for the expanded services he campaigned on, like free childcare, busses and city grocery stores.