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Mayor Mamdani unveils $124.7B budget closing historic deficit with taxes on wealthy, childcare expansion

Mayor Zohran Mamdani released a $124.7 billion budget closing a $12 billion deficit through new taxes on wealthy property owners and reduced business tax credits.

Mayor Mamdani unveils $124.7B budget closing historic deficit with taxes on wealthy, childcare expansion
Mamdani speaking at podium with microphone in press conference with julie menin
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Mayor Zohran Mamdani released a $124.7 billion executive budget for Fiscal Year 2027 on Monday, announcing that the city has closed a deficit of more than $12 billion without raising property taxes, cutting services, or drawing down reserve funds. The budget raises new revenue through a first-ever pied-à-terre tax on non-resident-owned second homes valued above $5 million and a reduction in the Unincorporated Business Tax credit, measures the mayor framed as asking the wealthiest New Yorkers to contribute more to support city services.

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