Douglas Elliman agent Michelle Griffith warns that New York business owners and job creators feel targeted by Mayor Mamdani's new surcharge, arguing City Hall needs to focus on reducing spending rather than taxing wealth generators.
The Congressional Budget Office projected in February that the federal deficit will reach $1.9 trillion, or 5.8% of GDP, in fiscal year 2026
Lindsey Granger gives her lens on NYC Mayor Zohran Mamdani closing the city's $12 billion budget deficit, which she argues shows strong leadership in his first few months in office. #Mamdani #NYC #Lindsey Granger
'Generational fiscal deficit'
With New York City facing a multibillion-dollar deficit, Mayor Zohran Mamdani is exploring ways to delay the city’s payments to municipal pension funds.
Gov. Kathy Hochul wants to tax second homes in New York City that are worth $5 million or more. Here’s how the proposal might work.
The city was counting on a 15 percent rise in bonuses to produce tax revenues to fill its budget gap. The actual increase was 9 percent, the state comptroller said.
The mayor has left lawmakers with the belief he does not plan to pursue an unpopular property tax increase, as he looks to close a budget gap of $5.4 billion over two years.
A report issued Wednesday by Moody's – one of the nation's big three credit rating agencies – warned investors that it may soon lower New York City’s AA credit rating and change the city’s credit status to "negative" from "stable" while affirming its Aa2 issuer rating, citing “sizable and persistent projected budget gaps."
The State Assembly and Senate are each calling for the state to raise taxes, piggybacking on a push by Mayor Zohran Mamdani of New York City.