New York Mayor Mamdani said on Wednesday that the city must demand more from its "wealthiest residents and most profitable corporations" to address a $12 billion fiscal deficit, arguing that higher taxes are needed to boost revenue and protect quality of life.
He said the shortfall, inherited from the previous administration, is "at a scale that's actually greater than what we saw here in New York City during the Great Recession," blaming "gross fiscal mismanagement" and dishonest budgeting.
Mamdani said officials recognized the crisis but avoided transparency, noting that "instead of actually being directed to New Yorkers, it was trying to shift those costs out of view." He added that decades of state-to-city cost shifting require New York to rethink its relationship with the wealthy, dismissing fears around taxing them as misplaced.
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