Facing deficits exceeding $12 billion, among the largest since the Great Recession, New York City Mayor Zohran Mamdani announced on Tuesday that his administration had balanced the budget thanks to a combination of state support, new revenue, and belt-tightening.
Mamdani positioned the first budget of his administration, $124.7 billion for Fiscal Year 2027, as a major shift away from austerity while maintaining fiscal stability.
The plan closes significant budget gaps without raising property taxes, cutting services, or tapping into reserve funds - moves the administration says protect working-class New Yorkers.
Zohran Mamdani “eliminating” a $12 billion budget deficit in New York City is an outright lie. New York City has been legally required to pass balanced budgets every year since the 1975 Financial Emergency Act, meaning every mayor from Rudy Giuliani to Bill de Blasio and Eric Adams also 'balanced budgets'. Indeed, Adams left a projected FY27 gap of about $4.69 billion, while Mamdani’s team added roughly $8 billion in previously underreported expenses, including shelter operations, rental assistance, special education reimbursements, and NYPD overtime — then labeled the total as an inherited deficit. This “solution” came from temporary state aid provided by Kathy Hochul, rather than long-term fiscal reform, making the fix unsustainable.
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