New York, NY – I attended a press conference on April 28, 2028 at NYC Hall regarding the City budget. Mayor Zohran Kwame Mamdani and Speaker Julie Menin called on Albany to help close New York City’s multi-billion dollar budget gap for the 2027 Fiscal Year.
The Mayor and Speaker stood united at this special City Hall press conference to urge the Governor and State legislature to increase NYC revenue in the State budget.
The Mayor and Speaker highlighted the importance of working together to reach agreements on savings within the City budget — announcing their joint support for restructuring Pension Unfunded Liability, as well as class size mandate relief, which together would save New York City over $1 billion. According to the Mayor, no current or future retiree would lose a single dollar in pension benefits as they are constitutionally protected by the New York State Constitution.
The Mayor and Speaker urged their partners in Albany to end the drain of City resources to the State, a long-standing practice that has shifted billions of dollars in City revenue to Albany. State cost shifts have sharply increased the City’s financial burden, including the elimination of AIM funding; restrictions to the Adult Shelter Cap, adding approximately $500 million in costs; and significant reductions in foster care aid, and support for low-income families. Additional cost shifts, including roughly $480 million in MTA costs, have further strained the City’s budget.
“New York City is facing a generational fiscal deficit, and it’s going to require serious, good-faith partnership across every level of government to meet this moment. I’m glad to stand with Speaker Menin and leaders in Albany as we work to deliver a budget that reflects the needs of all New Yorkers,” said Mayor Mamdani. “If we’re serious about putting our city back on firm financial footing, we cannot rely on short term fixes. A structural crisis demands a structural solution. That’s why Speaker Menin and I are calling on Albany to reset its longstanding fiscal relationship with the City and amend the Passthrough Entity Tax Credit. Today it serves as a tax cut for the rich; a reduction would ensure the wealthiest pay their fair share.”
“Mayor Mamdani and I are partners in delivering a responsible budget for New Yorkers, and we’re committed to closing the gap,” said Speaker Menin. “We are aligned on identifying real savings, maintaining the services New Yorkers rely on, and making clear that New York City deserves its fair share from Albany so we can continue investing in our communities. We will continue that partnership to produce a balanced and fiscally responsible budget.”
