New York by the Numbers, May 2026

This week, Mayor Mamdani unveiled a $124 billion executive budget that avoids raiding the City’s reserves and is made possible, in no small part, because of additional assistance from the State, one-time measures and short-term pension savings.  It replaces a broad and inequitable property tax increase with a targeted pied-à-terre surcharge.

The Mayor deserves credit for putting forward an Executive Budget that is a significant improvement over the February plan. But the proposal’s reliance on one-time measures reflects its failure to address a fundamental challenge: City government continues to spend more than we take in, even in a year of record revenues — a precarious position amid an increasingly unpredictable economic landscape

Throughout this process, my office has been fighting to ensure this budget meets the needs of New Yorkers—from being the first to raise the alarm on the looming budget gap to our analysis of the financial implications of the pied-à-terre tax and staffing vacancies. Between now and June 30, it is important that we strengthen this budget further by reducing reliance on one-time actions and adding to reserves to ensure the City is prepared against potential fiscal shocks. That is what I’ll be fighting for in the weeks ahead.

This month’s New York by the Numbers highlights the impact that growing fiscal uncertainty and the ongoing war in Iran continue to have in our economy. Most notably, inflation is on the rise again, driven by surging energy prices, which in turn has contributed to a spike in prices for groceries, shelter, and air fares.