Mayor Mamdani unveils $124.7 billion NYC budget plan

Mayor Mamdani released his $124.7 billion New York City budget proposal for 2027, outlining investments in libraries, parks, public transit, education, child care, public safety, sanitation and mental health services. The plan avoids a proposed property tax hike and relies in part on state support, including a tax on second homes worth more than $5 million. Critics warn some parts of the plan could create fiscal challenges down the line, while the administration says the budget puts the city on firmer financial footing.