(The Center Square) — New York City Mayor Zohran Mamdani traveled to Albany on Wednesday to plead with state lawmakers for help plugging a multi-million budget gap.
Testifying before a budget hearing — at the Legislature’s annual “Tin Cup Day” when municipal leaders ask for more funding from the budget — the Democratic socialist urged them to provide more funding for the city and allow him to raise taxes on top earners to whittle down revenue shortfalls and fund his lefty agenda.
“I’m asking for a 2% raise in personal income taxes on the most affluent New Yorkers, someone earning $1 million a year,” the former Queens assemblyman told lawmakers. “The top 1% of New York City can afford to contribute $20,000 more in taxes.”
His administration is also pursuing plans to increase the combined corporate tax rate to just over 22%, which would also require legislative approval. He said the tax hikes are needed to reduce a deficit he “inherited” from former Mayor Eric Adams. But the new funding would also be used to help pay for free bus service, tuition-free college, and other lofty Mamdani campaign pledges.
“I will continue to advocate for these policies not only because they offer the most direct route out of this budget crisis, but because they will also transform what is possible in our state,” he said Wednesday.
Last week, Mamdani said the projected budget gap for the next two years could top 12.6 billion, but on Wednesday he told lawmakers that those numbers have been revised down to about $7 billion.
Mamdani ruled out cuts to the NYPD and other city services but warned the budget gap must be filled to balance the spending plan.
“New York City is still placed on a ledge,” he said Wednesday. “The most responsible way off is with dedicated recurring revenue that can provide the services New Yorkers deserve.”
Gov. Kathy Hochul, a Democrat who was seeking reelection this year, has ruled out giving New York City approval to raise taxes on the wealthiest residents, calling it a “non-starter.”
New York City’s business community has repeatedly warned that raising taxes on the city’s top earners would prompt an exodus of employers from raising taxes on job creators, warning it will ultimately hurt the city’s economy.
Mamdani has blamed the city’s budget shortfall on Adams, accusing the Democrat’s administration of “negligent budgeting” and leaving behind a financial mess.
But an Adams spokesperson said the former mayor left City Hall with $8 billion in reserves, accusing Mamdani of being “disingenuous” about his claims of a budget gap.
