Mamdani Announces NYC’s ‘Budget Crisis of Historic Magnitude,’ ‘We Need New Revenue’

EXCERPT:

MAMDANI: "New York City faces a budget crisis of a historic magnitude. We inherited a deficit larger than any since the great recession. Years of mismanagement and chronic underbudgeting, alongside a structural imbalance between what New York City sends to the state and what we receive in return have taken a toll. We cannot close this deficit with savings alone. We need new revenue and we need a structural reset in our relationship with the state. That is the only way to meet our legal obligation to pass a balanced budget and to do so without imposing a financial burden onto the backs of working people.”