Facing a $12 billion budget shortfall over the next two fiscal years, Mayor Zohran Mamdani on Wednesday reiterated his call for the top 1% of New York earners to pay an additional 2% in income taxes.
Mamdani blamed the previous administration for the budget crisis, which stemmed from underbudgeting essential services including rental assistance, shelter operations and special education services. The budget gap the city is facing is higher than they were at the height of the Great Recession, the mayor said.
Mamdani said former Mayor Eric Adams budgeted $860 million for cash assistance in fiscal year 2026, even though current projections put the cost at nearly $1.7 billion, almost double what was budgeted…