{"id":790119,"date":"2026-05-12T02:46:26","date_gmt":"2026-05-12T02:46:26","guid":{"rendered":"https:\/\/www.europesays.com\/us\/790119\/"},"modified":"2026-05-12T02:46:26","modified_gmt":"2026-05-12T02:46:26","slug":"mamdanis-big-nyc-budget-will-include-placeholder-funding-because-of-dem-fueled-delays","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/790119\/","title":{"rendered":"Mamdani’s big NYC budget will include ‘placeholder’ funding because of Dem-fueled delays"},"content":{"rendered":"

He\u2019s being placeholder-ed in an awkward position.<\/p>\n

Mayor Zohran Mamdani could be forced to release his executive budget Tuesday with \u201cplaceholder\u201d estimates on key sources of revenue, after he tried to rely on dysfunction-riddled Albany to reach a deal on its own spending plan and bail out the Big Apple, insiders revealed.<\/p>\n

The potential fill-in-the-blanks city budget plan is exactly what Mamdani tried to avert when he delayed its release<\/a> from May 1 in hopes that Gov. Kathy Hochul and state lawmakers would reach a deal on its own long-delayed budget and give the city a windfall of new tax revenues. <\/p>\n

Mayor Zohran Mamdani is due to release his executive budget Tuesday. Luiz C. Ribeiro for NY Post<\/p>\n

Instead, Hizzoner watched helplessly as legislators last week embarrassingly swatted down Hochul\u2019s premature claim <\/a>to have reached a deal with her fellow Democrats in charge of state government \u2014 leaving the city in the lurch on major funding questions.<\/p>\n

\u201cThis is a joke played on New Yorkers by the governor to make it appear all is well when it is not,\u201d said Hank Sheinkopf, a longtime Democratic consultant. <\/p>\n

One major likely guesstimate would be how much money a pied-\u00e0-terre tax<\/a>, or levy on luxury second homes, will bring the city as the mayor hopes to close a reputed $5.4 billion budget shortfall.<\/p>\n

The tax jointly proposed by Mamdani and Hochul \u2014 which would apply to second homes worth at least $5 million \u2014 is a sticking point in state budget talks. <\/p>\n

Officials with the governor\u2019s and mayor\u2019s offices estimate the tax could generate an additional $500 million.<\/p>\n

But the city comptroller\u2019s office recently poured cold water on the prediction, arguing it could net somewhere between $340 and $380 million dollars, depending how certain exclusions are calculated.<\/p>\n

The exact scope of how the program would work and how these exemptions would be calculated has not been shared publicly.<\/p>\n

Gov. Kathy Hochul last week prematurely announced a state budget deal. Matthew McDermott for NY Post<\/p>\n

Other experts have pointed out how the tax could drive investment outside of the Empire State \u2014 following the lead of billionaire Ken Griffin<\/a>, who pulled local jobs and investment after Mamdani targeted him in a \u201cTax the Rich\u201d social media video filmed outside his apartment.<\/p>\n

Hochul, while spiking the football on her yet-to-be-agreed-to state budget deal\u2019s $4.5 billion in funding for childcare, crowed about her \u201cgreat level\u201d of cooperation with City Hall.<\/p>\n

Cooperation, however, hasn\u2019t led to any details on how the tax would work \u2014 with Hochul only providing a dictionary definition of it to reporters.<\/p>\n

The pair have pushed a new tax on luxury second homes.<\/p>\n

\u201cIt\u2019s been a decision that there will be a pied-\u00e0-terre tax on on high-net worth individuals\u2019 second homes,\u201d she said. <\/p>\n

\u201cThese are people who are not New Yorkers, who\u2019ve bought the real estate here for either just investment or to drop in a couple times a year.\u201d<\/p>\n

Some insiders were puzzled that Mamdani shackled himself \u2014 and the city\u2019s budget \u2014 to the outcome in Albany.<\/p>\n

Bill Cunningham, a veteran Democratic operative who worked for former mayor Michael Bloomberg, said past City Halls didn\u2019t care about the state budget deadline.<\/p>\n

Mamdani needs Albany\u2019s approval for his tax-the-rich plans. Mayor Mamdani\/X<\/p>\n

\u201cWe put the city budget out for a reason,\u201d he said. \u201cIt told everybody in Albany where the city was, what it needed, and that how you start trying to negotiate.<\/p>\n

\u201cThe idea that you\u2019re gonna keep holding back and not putting out details or items you could expect form the state \u2014 it puts you in a very weak position.\u201d<\/p>\n

Cunningham also noted continuing confusion over how to put a pied-\u00e0-terre tax into place.<\/p>\n

\u201cThey don\u2019t even know which property would fall under it,\u201d he said. \u201cThat\u2019s how convoluted the city tax structure is.\u201d<\/p>\n

\u201cTogether, Mayor Mamdani and Governor Hochul remain confident we will pass and implement New York\u2019s first pied-\u00e0-terre tax on the ultra-wealthy which will raise $500M towards our city\u2019s deficit,\u201d senior spokesperson Dora Pekec said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"He\u2019s being placeholder-ed in an awkward position. Mayor Zohran Mamdani could be forced to release his executive budget…\n","protected":false},"author":3,"featured_media":790120,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,13237,5371,5248,405,403,5226,5225,5228,5227,4573,67,586,132,5230,68,1154,2969,5301],"class_list":{"0":"post-790119","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-city-budget","10":"tag-kathy-hochul","11":"tag-metro","12":"tag-new-york","13":"tag-new-york-city","14":"tag-newyork","15":"tag-newyorkcity","16":"tag-ny","17":"tag-nyc","18":"tag-state-budget","19":"tag-united-states","20":"tag-united-states-of-america","21":"tag-unitedstates","22":"tag-unitedstatesofamerica","23":"tag-us","24":"tag-us-news","25":"tag-usa","26":"tag-zohran-mamdani"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116559320900588487","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/790119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=790119"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/790119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/790120"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=790119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=790119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=790119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}