Zohran Mamdani, NYC council boss team up to squeeze more dough out of Albany — putting Hochul on hot seat again
New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin are urging the state to provide more financial support to address the city's multibillion-dollar budget gap, including by reducing a tax credit they argue disproportionately benefits the wealthy. Governor Kathy Hochul rejected their request, maintaining she has already provided substantial aid and emphasizing the need for the city to find savings. The standoff highlights ongoing tensions between city and state leaders over fiscal responsibility and revenue generation.
- ▪Mayor Zohran Mamdani and Council Speaker Julie Menin called for reducing the Pass-Through Entity Tax (PTET) credit from 100% to 75% to generate about $1 billion in revenue.
- ▪Governor Kathy Hochul refused to alter the PTET credit, stating the state has already provided significant aid, including $1.5 billion in direct funding and a new tax on second homes worth over $5 million.
- ▪The city faces a $5.4 billion budget shortfall, with Mamdani advocating for new taxes and Menin pushing for departmental spending cuts.
- ▪Hochul has proposed a pied-à-terre tax on high-value second homes, marking a reversal on her no-new-taxes pledge during an election year.
- ▪Political observers note Hochul is under pressure as top city leaders demand more state support while she resists changes that could alienate wealthy donors and voters.
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Metro Zohran Mamdani, NYC council boss team up to squeeze more dough out of Albany — putting Hochul on hot seat again By Vaughn Golden, Hannah Fierick, Craig McCarthy and David Propper Published April 28, 2026, 6:13 p.m. ET Mayor Zohran Mamdani joined forces with City Council Speaker Julie Menin to try to squeeze more dough out of Albany — a plea that an increasingly peeved Gov. Kathy Hochul rejected Tuesday. Hochul was forced to answer questions about forking over more money to help bail out the Big Apple shortly after the lefty Mamdani and moderate Menin called to peel back a tax credit as the city struggles to fill a projected multibillion dollar budget gap.
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