The mayor said the city has inherited a deficit that is larger than it has been since the great recession.
He said a crisis of this scale cannot go away with savings alone and the city will need the state to provide additional revenue.
Mamdani said one way to do this is by reducing the New York City pass-through entity tax or PTET.
"The PTET is essentially a loophole that allows high income earners to reduce their federal tax burden," Mamdani said. "More than 95% of PTET tax credits go to those making more than $1 million a year. More than 80% go to those earning more than $5 million a year. The PTET in short is a tax cut for the rich."
Mayor Mamdani wants Albany to reduce PTET by 75% to generate $1 billion in additional revenue.
Right now, the city is facing a $5.4 billion budget gap.
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