Overview
- Gov. Kathy Hochul rejected supporting city income and corporate tax hikes, saying the state is not raising taxes and suggesting the gap could narrow with updated revenues.
- Mamdani directed every agency to appoint a “chief savings officer” within 45 days to identify efficiencies and possible program reductions.
- He left most specifics for his Feb. 17 preliminary budget and said even property tax increases could be considered if Albany declines to act.
- City Comptroller Mark Levine estimates a roughly $12–$12.6 billion two-year shortfall, driven by underbudgeted costs for shelters, rental assistance, overtime and special education.
- Former Mayor Eric Adams and allies of Andrew Cuomo disputed blame as fiscal watchdogs, including the state comptroller and Citizens Budget Commission, cited prior underbudgeting practices.