{"id":367,"date":"2026-06-30T14:12:59","date_gmt":"2026-06-30T14:12:59","guid":{"rendered":"https:\/\/businessrelocationdigest.com\/?p=367"},"modified":"2026-06-30T14:12:59","modified_gmt":"2026-06-30T14:12:59","slug":"mamdani-menin-shake-on-126b-nyc-budget","status":"publish","type":"post","link":"https:\/\/businessrelocationdigest.com\/?p=367","title":{"rendered":"Mamdani, Menin shake on $126B NYC budget"},"content":{"rendered":"
\n

New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin shook hands on a $125.8 billion budget for the upcoming fiscal year Tuesday morning, bringing a blitz of contentious final hour negotiations to a close mere hours before the July 1 deadline.<\/p>\n

Read more Eric Adams\u2019 Charter Revision Commission sues to get open primaries on the ballot<\/a><\/p>\n

\u201cThis budget offers a road map, though it is only the first budget of our administration, and more will follow,\u201d Mamdani said, joining Menin and the council members in the City Hall rotunda.\u00a0 \u201c(But) every budget that follows will build on the principles established here: honest budgeting, fiscal discipline, transparent government and an unwavering belief that working people deserve a City Hall that delivers for them.\u201d<\/p>\n

Work to hash out a budget deal ran into the 11th hour with both sides fighting well into Monday to finalize an agreement around a popular rental assistance voucher program known as CityFHEPS. Despite not initially prioritizing funding to expand the program, the City Council mounted an all-out last-minute push to get Mamdani to expand CityFHEPS in next year\u2019s budget.\u00a0<\/p>\n

Still at an impasse on Friday, City Council Speaker Julie Menin canceled the ceremonial handshake. Tensions flared over the weekend and into Monday as a broad swath of council members fired off tweets pressuring the mayor to fund the program \u2013 and thus comply with the package of laws passed by the City Council in 2023. Those laws, which would have significantly increased eligibility for the program, have been tied up in litigation for years after the Eric Adams administration refused to implement them due to their high cost. While Mamdani initially promised as a candidate to drop the lawsuit and expand the program, he pivoted upon taking office.\u00a0<\/p>\n

The City Council dug its heels in for an expansion of the program in the final stretch of budget negotiations, putting Mamdani in a tough position. The lefty mayor suddenly looked like he was standing in the way of expanding the kind of social welfare program he should theoretically support, while the more moderate Menin held the line on expansion. (Council Member Pierina Sanchez and the council\u2019s Progressive Caucus were also leading the charge in the final negotiations, with some members saying they\u2019d vote against the budget barring a satisfactory expansion.)<\/p>\n

In the end, the budget deal includes $175 million in new funding for the rental vouchers in fiscal year 2027, with $125 million baselined in future years, and $50 million of it coming from the City Council this year. That\u2019s short of the at least $200 million council leadership was pushing for, but it includes for the Mamdani administration to drop the lawsuit over the council’s 2023 laws to expand CityFHEPS, and support a new bill in their place \u2013\u00a0to be passed Tuesday \u2013\u00a0aimed at expanding the program\u2019s income eligibility threshold and expanding it to people living in non-Department of Homeless Services shelters or to people displaced by fire or vacate orders.\u00a0<\/p>\n

Read more DiNapoli\u2019s first primary challenge put statewide public financing to the test<\/a><\/p>\n

\u201cThis agreement delivers a humane and fiscally responsible path forward by expanding access to rental assistance, establishing cost controls, and ending years of litigation,\u201d Menin said in a statement.\u00a0<\/p>\n

Mamdani\u2019s first budget has not been without drama. Just a few weeks into office, the new mayor laid the narrative groundwork for his first budget with a press conference recapping how the city came to face a $12 billion budget gap. (It was Adams and Andrew Cuomo\u2019s fault, he said.)<\/p>\n

Then in presenting his preliminary budget, Mamdani set out a controversial ultimatum for Gov. Kathy Hochul: tax the rich or force the city to raise property taxes and drain budget reserves. The pitch, meant to bolster Mamdani\u2019s negotiating position and pressure Hochul to assent to his proposed tax hikes on the wealthy and major corporations, never really caught on. Most involved in the budget process never expected that Mamdani would actually touch property taxes, a political third rail.<\/p>\n

Mamdani did, however, succeed in getting a substantial amount of funding from Hochul to help close the budget gap, presenting a $124.7 billion executive budget in May that didn\u2019t resort to his threatened property tax hike or raided reserves.<\/p>\n

Outside of CityFHEPS, the adopted budget agreement also includes an additional $54 million in baselined funding for Fair Fares, the discounted transit program, increasing income eligibility to those earning 200% of the federal poverty level up from 150%.<\/p>\n

Read more City Council, citywide officials could get 18% raise<\/a><\/p>\n

This is a developing story that will be updated.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

After a whirlwind weekend of last-minute haggling.<\/p>\n","protected":false},"author":1,"featured_media":366,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,20,71,18,45],"tags":[15,21,73,19,46],"class_list":["post-367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-new-york-city","category-new-york-city-council","category-policy","category-zohran-mamdani","tag-budget","tag-new-york-city","tag-new-york-city-council","tag-policy","tag-zohran-mamdani"],"yoast_head":"\nMamdani, Menin shake on $126B NYC budget - Business Relocation Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessrelocationdigest.com\/?p=367\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mamdani, Menin shake on $126B NYC budget - 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