Albany, New York — New York City Mayor Zohran Mamdani urged state lawmakers to authorize higher income taxes on wealthy residents, arguing the move is necessary to stabilize the city’s finances and “end the drain” on municipal resources.
Testifying during Albany’s annual “Tin Cup Day” budget hearings, Mamdani said the city faces a multi-billion-dollar deficit, which he attributed in part to prior administrations and longstanding fiscal arrangements with the state. In prepared remarks, he described the imbalance as unsustainable and called for “dedicated, recurring revenue” to maintain city services.
Gov. Kathy Hochul, whose reelection Mamdani recently endorsed, has expressed resistance to raising state income taxes but pledged $1.7 billion in state funding to expand child care in New York City. Hochul said discussions with the mayor’s office are ongoing ahead of his preliminary budget deadline.
Republican lawmakers criticized both Mamdani and Hochul over spending levels, while Democratic leaders in the state Assembly and Senate indicated openness to considering tax increases as part of negotiations before the March 31 budget deadline.
The extent to which Mamdani and legislative Democrats pursue higher taxes could significantly shape the final state budget agreement.
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