The City Council released a $127 billion alternative budget plan Wednesday, closing gaps without raising property taxes, dipping into reserves or cutting services by finding savings —calling foul over Mayor Zohran Mamdani’s financial plan.
The Council’s response to the mayor’s Fiscal Year 2027 budget outlines a mix of re-estimated revenues, savings and new funding sources to resolve what the Council identified as a $6 billion shortfall.
“Amid a serious affordability crisis impacting New Yorkers across the city, the Council has a responsibility to act as a strong fiscal steward as we face a significant budget shortfall,” Speaker Julie Menin said…