First 100 Days

Mayor Mamdani released his first preliminary budget, a $127 billion plan for Fiscal Year 2027 that presents two paths to close a $5.4 billion budget gap. The preferred path calls on Albany to authorize a 2% income tax on New Yorkers earning over $1 million and an increase in the corporate tax rate. The alternative includes a 9.5% property tax increase generating $3.7 billion, which Mamdani called the most harmful path. The budget draws $980 million from the Rainy Day Fund and includes $543 million for class size reductions.