New York Mayor Mamdani says city must hike taxes on rich to fill $12 billion deficit

Mamdani, in an interview with CNBC’s Andrew Ross Sorkin at City Hall, said his administration will be up front with New Yorkers about budget issues that have been “hidden from them for far too long.”

Indeed, the new mayor is staring down a budget shortfall that is projected to total $12.6 billion over the next two fiscal years, NYC Comptroller Mark Levine said earlier this month.

“This is at a scale that’s actually greater than what we saw here in New York City during the Great Recession,” Mamdani said.

He attributed the crisis to “gross fiscal mismanagement,” pointing to former Mayor Eric Adams and former Gov. Andrew Cuomo.

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