New York City to receive additional $1.5 billion in state funds to help with budget crisis
Gov. Hochul's announcement comes ahead of Mayor Mamdani's budget address
NEW YORK CITY (WABC) -- Help is on the way for New York City Mayor Zohran Mamdani as he prepares to deliver his first budget address on Tuesday.
Gov. Kathy Hochul announced on Monday that she's giving the city an added $1.5 billion in state funds over the next two years, including $1 billion in fiscal year 2026 and $510 million in fiscal year 2027.
"A strong New York City means a stronger New York State. This investment protects services and puts the city on stable financial footing," Gov. Hochul said. "New Yorkers expect the state and the city to work together, and I'm proud to partner with the Mayor to deliver for working families."
Mandani has said the city is facing a $7 billion budget gap during that time frame. That number is down from what he initially estimated to be $12 billion last month, calling it Mayor "Adams budget crisis."
He's asked Hochul to usher in a 2% tax increase on people making over a million dollars a year.
The governor has spurned the idea.
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