Gov. Kathy Hochul and Mayor Zohran Mamdani announced Tuesday a roughly $4 billion package of state aid, new revenue, and state-authorized savings measures that officials said will allow New York City to close its budget gap without raising property taxes or drawing further from reserves.
The agreement comes ahead of Mamdani’s release of his fiscal year 2027 executive budget and brings total new state assistance to the city to nearly $8 billion over two years, according to the governor’s office and City Hall. The package is not all direct cash aid from Albany. It includes state funding, revenue measures, and actions to delay, restructure, or reduce the city’s fiscal obligations.
