CITY HALL AND ALBANY — ADDITIONAL STATE FUNDING from Gov. Kathy Hochul and the legislature will help stabilize New York City’s budget, she and Mayor Zohran Mamdani announced on Tuesday in press releases.
The additional monies will help New York City close its budget deficit ahead of the release deadline for Mamdani’s Fiscal Year 2027 Executive Budget. Hochul, in partnership with the state legislature, has secured an additional $4 billion in gap-closing support, bringing the total new state assistance to nearly $8 billion over two years.
This latest agreement will help the Mamdani administration officially close the more than $12 billion deficit that the governor’s office said it inherited from the previous administration. The agreement aims to stabilize the city’s finances while advancing investments to make New York more affordable for working people, the elected officials said.
“For years, the relationship between City Hall and Albany has been defined by dysfunction and infighting,” Mamdani said. “Governor Hochul and I, however, share a belief that government works best when we work together on behalf of the people we serve. We have partnered through every step of this process to protect the fiscal health of our city.”
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