Mayor Zohran Mamdani and City Council Speaker Julie Menin came together on Tuesday in a rare moment of unity to pressure Albany lawmakers to reform a tax credit that primarily benefits the wealthy.
Mamdani said rolling back the tax credit popular among hedge funds and law firms would help plug the city’s $5.4 billion budget deficit. Gov. Kathy Hochul swiftly rejected the proposal, saying the state had already done enough to address the city’s fiscal problems. The back-and-forth signaled that the mayor is not letting up on his push to raise taxes on the wealthy, even as some business titans criticize his rhetoric.
“We cannot close this deficit with savings alone,” Mamdani said in what has become a mantra for him. “We need new revenue.”…