Hochul\u2019s circle believes the sky-is-falling fiscal forecast outlined by Mamdani during a Wednesday address \u2014 in which he once again called on the governor to hike taxes \u2014 underestimates revenues coming into the city from generous Wall Street bonuses, insiders said.<\/p>\n
\u201cEspecially when it\u2019s framed as budget relief and they say no cuts. It\u2019s like asking your parents for money after you buy a Ferrari,\u201d one state government source said of Mamdani\u2019s push.<\/p>\n
One city government insider seethed: \u201cThis is fabricated crisis. (Hochul) should be pissed.\u201d<\/p>\n
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Gov. Kathy Hochul is irritated by Mayor Zohran Mamdani\u2019s latest push to tax the rich. Andrew Schwartz \/ SplashNews.com<\/p>\n
The behind-the-scenes frustrations were unfolding ahead of the February 17 deadline for Mamdani to submit a balanced preliminary budget, the first of his mayoralty.<\/p>\n
Revenue estimates being used by the Democratic socialist were effectively an underestimate because doesn\u2019t account for the last pay cycle in 2025, when Wall Street bonuses took effect, sources argued.<\/p>\n
State officials have said those bonuses were up about 25% compared to last year, equating to billions of dollars of additional revenue. <\/p>\n
State Comptroller Tom DiNapoli even hinted at Mamdani\u2019s budget gap games in a statement Wednesday.<\/p>\n
\u201cDespite revenue that my office anticipates will come in above planned collections in the current fiscal year, the city will very likely see spending exceed revenues for the fourth year in a row this year, a troubling trend,\u201d he said.<\/p>\n
One City Hall insider said even some staff in the city\u2019s Office of Management and Budget is skeptical of Mamdani\u2019s budget rhetoric.<\/p>\n
\u201cPrivately, veteran OMB analysts are concerned and feel that City Hall is playing games too early, the numbers don\u2019t add up, and many feel shut out of strategy discussions,\u201d the insider said.<\/p>\n
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Mamdani contends the city faces a $12 billion budget hole. James Messerschmidt for the NY Post<\/p>\n
City Hall officials didn\u2019t immediately respond to a request for comment.<\/p>\n
Mamdani used his Wednesday press conference to pointedly pin blame on former Mayor Eric Adams, accusing his predecessor of intentionally using financial tricks to balance city budgets.<\/p>\n
He argued what he called the \u201cAdams budget crisis\u201d required Albany \u2014 and Hochul \u2014 a specific fix: taxing the richest New Yorkers and most profitable corporations.<\/p>\n
The dramatics from Mamdani came two weeks after newly minted City Comptroller Mark Levine released a damming report<\/a>, painting a similar fiscal forecast for the Big Apple.<\/p>\n