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Mamdani Closes NYC Budget Gap with $4B in New State Funds
New York Gov. Kathy Hochul and New York City Mayor Zohran Kwame Mamdani on Tuesday announced new state support and actions to help the city close its budget deficit ahead of the release of Mamdani’s Fiscal Year 2027 Executive Budget.
Hochul, in partnership with the state legislature, has secured an additional $4 billion in state support, bringing the total new state assistance to nearly $8 billion over two years and officially closing the more than $12-billion deficit Mamdani inherited from the previous administration.
“For years, the relationship between City Hall and Albany has been defined by dysfunction and infighting,” Mamdani said. “Governor Hochul and I, however, share a belief that government works best when we work together on behalf of the people we serve. We have partnered through every step of this process to protect the fiscal health of our city. I am thankful for her collaboration and deep commitment to securing a future for our city that working people can afford.”
- ◦Financing
- ◦Policy/Gov't
