From Newsgroup: nyc.politics
It only took a few months for New York Mayor Zohran Mamdani to run out
of other peoplerCOs money after promising to make rCLfreerCY services.
New York City faces a $6 billion budget deficit for the fiscal year
2026. Now, Mamdani is looking for new revenue.
"We cannot close this deficit with savings alone,rCY Mamdani said in a
press conference. rCLWe need new revenue, and we need a structural reset
in our relationship with the state. That is the only way to meet our
legal obligation to pass a balanced budget."
Just weeks after he filmed a video saying that he would levy a new tax
on annual tax on luxury properties worth more than $5 million whose
owners donrCOt live in the city full-time, now, herCOs begging the state of
New York to give the city more money.
MamdanirCOs administration promised rCLfreerCY buses, childcare, and more.
But he apparently forgot that these items arenrCOt free. The Mamdani administration increased net spending by over $4 billion in fiscal year
2026, over $5 billion in fiscal year 2027, and over $8 billion in fiscal
year 2026, according to a report from the New York City comptroller.
Much of this spending are public assistance programs, shelters, rental assistance, and special education, the report says.
The fiscal year 2026 budget assumes the city will raid its rainy day
fund by $980 million.
City expenditures are dwarfing revenue.
rCLThe operating surplus, which is used to prepay next yearrCOs expenses,
drops from $3.79 billion in FY 2025 to $238 million in FY 2026, a 94
percent decline. On its face, this means that in FY 2026 expenses are
$3.55 billion higher than revenuesrCa Therefore, in FY 2026 the CityrCOs operating expenses are projected to be $4.53 billion higher than its
revenues. Without the $710 million in recently announced but unspecified savings and the $1.01 billion in projected impacts of the
yet-to-be-enacted State budget actions, the FY 2026 operating deficit
increases to $6.25 billion.rCY
https://townhall.com/tipsheet/scott-mcclallen/2026/04/29/that-was-fast-ny cs-socialist-mayor-already-begging-for-a-bailout-n2675285
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