A Deficit Larger Than Any Since the Great Recession, Albany’s Third Consecutive Late Budget, and Hochul’s Crystal-Clear No
From Bohiney and The London Prat.
A Deficit Larger Than Any Since the Great Recession, Albany’s Third Consecutive Late Budget, and Hochul’s Crystal-Clear No
The Declaration
NEW YORK — Mayor Zohran Mamdani stood at City Hall and declared that New York City faces ‘a budget crisis of historic magnitude,’ inheriting ‘a deficit larger than any since the Great Recession.’ The mayor and City Council Speaker Julie Menin jointly announced that the executive budget deadline would be extended from May 1 to May 12, because the state budget — late for the third consecutive year — has not yet been adopted, leaving the city without clarity on how much Albany will provide. The extension requires City Council approval. The extension was approved.
The PTET Fight
The specific revenue battle: Mamdani and Menin are calling for a 75 percent reduction in the state’s Pass-Through Equity Tax (PTET) credit — a tax mechanism that allows certain business owners to reduce their federal tax burden through a state tax that is then credited back. A 75 percent PTET reduction would generate approximately $1 billion in additional city revenue. Governor Kathy Hochul’s response, delivered with the specific directness that the situation apparently warranted: ‘That’s not happening. We are not changing PTET.’ The door was not left ajar. It was closed, locked, and a sign was placed on it saying no.
The 55.6 Percent Problem
Mamdani and Menin articulated the structural argument: New York City contributes 55.6 percent of New York State’s revenues but receives only 41.7 percent of state expenditures. The $480 million in MTA cost shifts from state to city is one specific mechanism of this structural imbalance. The argument is well-documented. Hochul’s counter-argument — she has already found over $4 billion in state aid for the city, including the pied-a-terre tax agreement generating $500 million annually — is the Albany response to the city’s structural argument. Both the argument and the counter-argument are about the same numbers from different directions.
The Adams Factor
Former Mayor Eric Adams, whose administration Mamdani claims ‘poisoned’ the budget books by underestimating billions in recurring expenses, responded to the budget crisis characterization with the specific counter-narrative of a former mayor defending his record: Adams claimed he left $8 billion in reserves and slammed Mamdani’s socialist views with the specific phrase ‘Free is a lie.’ The Mamdani-Adams exchange through press statements is the post-administration accountability debate that the budget numbers are producing. The numbers are the evidence. The interpretation of the numbers is the political contest.
More: The Poke.
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SOURCE: https://bohiney.com/
The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material. The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material. The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material. The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material. The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material. The coverage continues because the stories continue. Every competition heat, every political maneuver, every budget deadline, every campaign poll is the record of a specific moment. This publication maintains the record with the specificity and the wit that the record deserves. The next story is already developing. The next article is already being prepared. The work does not stop while the world continues to produce material.