“Tin Cup Day”<\/a> at the New York State Capital in February. <\/p>\n“I’ve spoken before about the new era we are working to usher in in New York City, one where every person across the five boroughs can afford a dignified life,” Mamdani told lawmakers that day. “But that new era cannot stop at the city limits. It must extend the roughly 150 miles between New York City and Albany as well.”<\/p>\n
He called for taxing the wealthy that day, and has since, yet this FY2027 State Budget appears to be without those increases. It appears a tax on luxury second homes for at least New York City will be included, estimated to bring in $500 million in revenue. <\/p>\n
The recently announced addition of $4 billion in State assistance now brings the total of State aid to roughly $8 billion over the next two years.<\/p>\n
“The $8 billion isn’t 8 billion in cash,” Ana Champeny, Vice President for Research with Citizens Budget Commission said. “Some of it is authorization. There’s some State one-time money. There’s a $500 million appropriation the Governor announced in her 30 day amendments, for example. There is some recurring funding, some areas where the city had been cut. That is now being sort of given back to the City and that would be recurring.” <\/p>\n
In terms of State authorization, that includes flexibility with class size mandates, pension restructuring and more, adding up to billions in savings. <\/p>\n
“The majority the state has been doing pretty well, Wall Street had a strong year that was very good for both New York City and New York State, and has significant cash resources that they are using to balance their budget, not just this year, but over the next few years, and to reduce those out year budget gaps,” Champeny told CBS6. “But, there is a long term fiscal challenge for the State as well, which is a $12 billion budget gap projected by 2030. Our estimate says that the structural gap, once you take out non-recurring actions, is actually closer to $20 billion and the cash that’s set aside largely gets spent down over the next few years. So while the State is doing well right now, they do have a fiscal reckoning of their own in the future, and there’s some risks, especially around reserves and the economy, that we need to keep an eye on for both the city and the State.”<\/p>\n
Stay tuned for more on this story, including the full conversation with the Citizens Budget Commission. <\/p>\n","protected":false},"excerpt":{"rendered":"Albany, NY (WRGB) \u2014 New York Governor Kathy Hochul says, when it finally passes, the New York State…\n","protected":false},"author":3,"featured_media":794968,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,405,403,5226,5225,5228,5227,67,586,132,5230,68,2969],"class_list":{"0":"post-794967","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-new-york","10":"tag-new-york-city","11":"tag-newyork","12":"tag-newyorkcity","13":"tag-ny","14":"tag-nyc","15":"tag-united-states","16":"tag-united-states-of-america","17":"tag-unitedstates","18":"tag-unitedstatesofamerica","19":"tag-us","20":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116570908664361228","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/794967","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=794967"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/794967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/794968"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=794967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=794967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=794967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}