Mayor Zohran Mamdani presented a balanced budget for New York City on Wednesday after securing state aid and revenue measures. The plan avoids increases to income, corporate, and property taxes.
Mayor Zohran Mamdani and his team unveiled the $124.7 billion budget in City Hall’s Blue Room. Officials credited $4 billion in policy changes and extra funding from Albany, including savings from delaying pension payments. A new pied-à-terre tax on high-value nonresident properties is expected to add $500 million annually.
