New York City, New York — Mayor Zohran Mamdani is urging state leaders to raise taxes on the city’s “ultra-wealthy” as part of a plan to address New York City’s $5.4 billion budget deficit.
During a preliminary budget announcement Tuesday, Mamdani outlined two possible paths to close the gap. His preferred approach would increase taxes on high-income residents and corporations, arguing the burden should not fall on working- and middle-class New Yorkers.
“The onus for resolving this crisis should not be placed on the backs of working and middle class New Yorkers,” Mamdani said. He warned that without structural changes, the deficit could return “year after year.”
As a “last resort,” the mayor said the city could raise property taxes.
Gov. Kathy Hochul (D) announced Monday that New York State will provide $1.5 billion in operating support to the city, with $1 billion allocated for fiscal year 2026 and the remaining funds the following year. Mamdani credited the state partnership and city savings measures with reducing the projected deficit from $12 billion to $5.4 billion.
The proposal now hinges on negotiations between City Hall and Albany over potential tax changes.
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