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Page 14 - The Indian EYE 052226
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    North                       The Indian Eye

                              AMERICANNewsline

             14                                                                                                                   MAY 22, 2026

                     Mayor Mamdani Unveils $124.7 Billion

                       Budget to Close Historic Deficit, Fund

             Services and Tax the Rich in Fiscal Year 2027

            OUR BUREAU                                                                                            the  wealthy  and  expanded  social
                                                                                                                  spending.
            New York, NY
                                                                                                                      By closing a double-digit deficit
                     ayor Zohran Kwame Mam-                                                                       without  austerity  measures,  the  ad-
                     dani has released a $124.7                                                                   ministration argues it has demon-
            Mbillion FY2027 budget that                                                                           strated that fiscal discipline and pro-
            closes a historic deficit while expand-                                                               gressive investment can be pursued
            ing  social  investment  and  shifting                                                                simultaneously in a large global city.
            burden to the wealthy.                                                                                The  combination  of  agency  savings,
                Mamdani’s  first  Executive  Bud-                                                                 debt restructuring, and new revenue
            get since taking office marks a deci-                                                                 from  state  support  and  high-value
            sive  effort  to  restore  fiscal  stability                                                          property  taxation  forms  the  back-
            after inheriting what City and State                                                                  bone of the fiscal strategy, reducing
            Comptrollers  described  as  a  more                                                                  immediate pressure on services while
            than  $12  billion  structural  gap  left                                                             preserving  long-term  investments.
            by the previous administration. The                                                                   Supporters highlight increased fund-
            plan  balances  the  books  without                                                                   ing for NYCHA, City University of
            raising  property  taxes,  cutting  core                                                              New York, libraries, child care, and
            services, or drawing down long-term                                                                   public  safety  programs  as  evidence
            reserves,  relying  instead  on  aggres-                                                              of a renewed focus on working-class
            sive  savings,  state  partnership,  and                                                              needs across all five boroughs. Crit-
            targeted new revenue from higher   a  pied-à-terre  tax  on  luxury  second   health  care,  survivor  support,  and   ics  of  past  administrations  argue
            earners.                          homes. In total, state actions contrib-  disease  surveillance  are  also  in-  that  underbudgeting  and  reliance
                It  also  delivers  a  $124.7  billion   ute nearly $8 billion over two years,  creased  to  strengthen  public  health   on  short-term  fixes  contributed  to
            spending  framework  that  preserves   stabilizing the city’s finances.  infrastructure.              the earlier fiscal gap that the current
            essential  city  programs  while  com-  Mayor Mamdani said the agree-   On  infrastructure  and  housing,  plan now addresses through structur-
            mitting  to  the  largest  capital  invest-  ment reflects a rejection of austerity   the  Executive  Five-Year  Capital   al reforms. With the five-year capital
            ment in New York City Housing     politics and a commitment to invest-  Plan grows to $117.1 billion, includ-  plan expanded to $117.1 billion, the
            Authority  (NYCHA)  in  recent  his-  ing in working-class New Yorkers.   ing  $4  billion  for  HPD  affordable   city is expected to accelerate housing
            tory, alongside expanded funding for                                housing  development  and  an  addi-  construction, infrastructure renewal,
            housing,  child  care,  education,  and   He emphasized that the budget   tional $500 million for NYCHA ren-  and service delivery improvements.
            public safety.                                                      ovations, modernizations, and vacant   Ultimately,  the  budget  reflects
                Key  fiscal  adjustments  include   avoids property tax increases   unit  restoration.  Officials  say  these   an  attempt  to  redefine  New  York’s
            $1.77  billion  in  gap-closing  savings   while expanding funding for   investments will accelerate the deliv-  fiscal  model  around  three  pillars:
            from agency efficiency reforms, $1.2                                ery of deeply affordable housing and   affordability  for  residents,  account-
            billion  from  program  restructuring,   libraries,  parks,  City  Univer-  improve living conditions for tens of   ability in government spending, and
            and  $1.64  billion  in  debt  service   sity of New York, and cultural   thousands of residents.     targeted investment in essential pub-
            savings achieved through a revised                                      The   announcement    comes   lic  goods  that  underpin  urban  life.
            repayment schedule that avoids im-  programs,  alongside  new  ini-  alongside  a  renewed  partnership   City officials maintain that the com-
            pacting  retirees  or  employee  ben-  tiatives like Fair Fares and ex-  between City Hall and Albany, with   bination of fiscal restraint, new pro-
            efits.  The  administration  also  or-                              both Mayor Mamdani and Governor   gressive  revenue  measures,  and  ex-
            dered every city agency to appoint   panded child care services.    Hochul emphasizing cooperation af-  panded state cooperation will ensure
            a Chief Savings Officer to improve                                  ter years of tension between city and   long-term stability, even as economic
            accountability.                       It also expands safety and justice   state government. They described the   uncertainty and population pressures
                State support plays a major role   programs, including funding for the   agreement as a model for pragmatic   continue to challenge municipal gov-
            in closing the deficit, with Governor   Office  of  Community  Safety,  hate   governance  focused  on  affordabil-  ernance in the coming years, with the
            Kathy  Hochul  and  the  state  legisla-  crime  prevention  initiatives,  super-  ity,  stability,  and  public  investment.  administration  positioning  the  bud-
            ture providing roughly $4 billion in   vised  release  pilots,  and  additional   Analysts say the FY2027 budget   get as both a financial roadmap and
            new  assistance,  including  direct  aid,   staffing  for  the  Civilian  Complaint   positions New York City on stronger   a political statement about the future
            pension   restructuring   authoriza-  Review  Board  and  FDNY  civilian   fiscal ground while signaling a polit-  direction of New York City going for-
            tion, and new revenue tools such as   workforce.  Investments  in  mental   ical shift toward higher taxation of   ward for long stability.

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