February 17, 2026 — Today, Mayor Zohran Mamdani released a balanced FY27 preliminary budget, closing a $5.4 billion budget gap without cutting care – a break from the failed austerity politics of the Adams era and an attempt to protect the services New Yorkers rely on. However, it should be the wealthiest corporations and ultra-rich who pay their fair share to allow the City to close budget gaps and pay for investments, not ordinary New Yorkers. 

The fact that this balanced budget hinges on the possibility of a 9.5% property tax hike underscores the failure of Albany to act — but it also highlights the risk to ordinary New Yorkers if our leaders don’t prioritize progressive revenue and spending reforms. 

New York City cannot solve its long-term structural budget problems and unfunded mandates without Albany. We welcome the Governor’s $1.5 billion contribution, but it is not enough. The State must do more to rebalance the fiscal relationship between the City and Albany, stop the drain on city resources, and tax the ultra-wealthy. 

We can’t fund care without Albany but the City needs to do better with the tools and powers it has. We are encouraged by the Mayor’s investments in the Department of Finance and Law Department, as outlined in the People’s Plan’s “Make ‘Em Pay” proposal. Those staff should be directed to make big landlords and corporate bad actors pay up the $1+ billion they owe the city. We encourage the Administration to staff up agencies that enforce the law against corporate bad actors and bring in millions of dollars in corporate penalties and revenue to the city.

The City should pursue real savings and new revenue where it makes sense—by going after corporate bad actors, reining in excessive uniformed overtime, cutting wasteful contracts and consultants, and exploring options like paid parking in commercial corridors. New Yorkers deserve a budget that protects services, invests in communities, and makes those at the top finally pay what they owe.