NYC Mayor Zohran Mamdani announces that he has officially balanced the NYC budget, reducing a $12 billion budget deficit to 0, and confirms that property taxes will not be raised.
https://www.cbsnews.com/newyork/news/nyc-budget-zohran-mamdani-property-taxes/
Posted by Scary_Firefighter181
7 Comments
They will delay reductions in school size ($1 billlion) and get more money from the state ($4 billion). $1.75 billion in efficiencies.
I do look forward to seeing in depth details of this, long run projections to the budget in NYC, and how the policies (no reduction in school class size, the “efficiencies”) translate into public service allocations.
As always, his admin will be a fascinating case study.
Okay, it takes a while, but the article does appear to eventually start addressing how this is supposedly being done. To hopefully save someone time, here are some excerpts:
> 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.
Total so far: $100 million.
> Mamdani lauded the work of the chief savings officers his administration created in each agency. Cumulatively, they identified $1.75 billion in savings, the mayor said.
Vague, but whatever. Total so far: $1.8 billion.
> Hochul and Mamdani announced the state secured an additional $4 billion to help with the deficit.
$5.8 billion (although some of this may be applied to 2027?)
> Sources in Albany say the legislature is looking to delay the implementation of the class size reduction, which would save as much as $1 billion.
$6.8 B
> The [pied a tierre] tax proposal would add an estimated $500 million annually in city revenue
$7.3 B.
Okay, maybe I missed the rest? Am I illiterate?
> “In the month that followed, we took aggressive steps to tackle the deficit, and drove it down to $5.4 billion. Today, after three more months of painstaking work, I am proud to announce that we have closed the gap entirely down to zero.”
Okay, so if I’m reading this accurately, then all this article covered is how it went from 12 to 5, but not from 5 to 0?
Not trying to sow doubt since I genuinely don’t know, but there seemed to be a lot of DOGE-esque wording in there. I could be wrong, though.
EDIT: Punctuation and clarification. It’s not fair to round down on 1.85, which wasn’t deliberate. I just fucked up. Round the total savings up to 7.4 billion instead of the 7.3 I listed.
$12b was reduced to $8b a couple months ago after a tax windfall from Wall Street, then the governor gave $8b in aid.
Thank you Kathy Hochul!
Far be it from me to say that a department of government efficiency doesn’t exactly get the numbers right in terms of what it can save or cut out
Lol he didn’t do shit and ofc he folded to the property taxes. Typical politician everyone thought he was going to be different just another drain the swamp guy. Head line should exclude his name “NYC deficit down to 0 after hochul gives 8b in aid and wall street gives suprise 5b in windfall.” Oh actually add that the defecit was higher than expected becuase mamdani spent more and the ultra wealthy left taking their taxes with them
It’s not really balancing the budget when you get a bailout from the state and reduce pension obligations this year to “balance it”. It’s like asking mom and dad for money AND taking out a credit card and now you are “liquid”.
He basically wussied out and asked the state to bail him out for $8b of it lol and he cant increase taxes on properties as part of that agreement.
He also cant “aggresively” tax businesses as much as he wanted to.
Looks like he got chocked by the rich and the net loss migration leaving the city lol