Hochul sends NYC another $4 billion to help close city’s budget gap
Gov. Kathy Hochul (D-NY) is sending another $4 billion to New York City to help close its budget gap as requested by Mayor Zohran Mamdani.
TL;DR
- Governor Kathy Hochul is sending another $4 billion to New York City.
- This aid is intended to help Mayor Zohran Mamdani close the city's budget gap.
- The total gap-closing aid provided over two years now amounts to $8 billion.
- Nearly $2.3 billion of the funding comes from restructuring pension payments.
- $500 million is expected from Hochul's new pied-à-terre tax proposal.
- The aid will support universal childcare, education, public safety, and infrastructure.
- Mayor Mamdani is expected to withdraw a proposed property tax hike.