New York City Mayor Zohran Mamdani promised to expand city services: no-cost childcare, fare-free buses, city-owned grocery stores. Mamdani may deliver higher taxes and an exhausted financial reserve.
The mayor is “tossing aside some of the office’s most reliable safety cushions,” warns Politico. Mamdani looks poised to draw $1 billion from reserves normally held for emergencies, another $980 million from the city’s Rainy Day Fund, and $229 million from the city’s Retiree Health Benefits Trust. A $3.7 billion budget shortfall remains, even after all of Mamdani’s maneuvering.
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