Riding a wave of surplus tax revenue generated largely by a finance-sector boom that won’t last forever, Gov. Kathy Hochul is continuing to spend like there’s no tomorrow.
The $260 billion state budget she presented last week contains plenty for New York City, including increased child care funding, renewed state support for cops in subways and added transit capital.
Despite the much-hyped threat of federal aid cuts, the state’s core Medicaid budget will continue bursting at the seams — much of the money inevitably headed to city hospitals and health care providers.
In his initial reaction to the plan, Mayor Zohran Mamdani duly tipped his cap to “meaningful investments that move us closer to an affordable and livable New York.”
But pointing to the $12 billion city budget shortfall he’s inherited from Eric Adams, Mamdani also made it clear he’ll continue to push his favorite hobby horse — raising taxes on city residents with income over $1 million, to ensure they pay a “fair share” of the city’s enormous budget.
Continue reading the entire piece here at the New York Post
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E.J. McMahon is a senior fellow at the Empire Center for Public Policy and a Manhattan Institute adjunct fellow. Follow him on Twitter here.
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