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Zohran Mamdani: “A $12 billion fiscal deficit cannot be resolved through…”

Featuring: Zohran Mamdani, Democratic | Mayor of New York City

JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis'

Published January 28, 2026 | Video Starts at 18:17

A billionaire doesn't get more services because they pay more taxes than someone with lower income. So there's two things here. A $12 billion fiscal deficit cannot be resolved through efficiencies and savings. Part of our resolution of it will absolutely be interrogating every dollar that the city spends and ensuring that it's being spent effectively. However, that is one part. (18:17–18:25)

CLAIM

Asserts that the $12 billion fiscal deficit cannot be resolved solely through efficiencies and savings.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Zohran Mamdani

“New Yorkers contribute 54.5% of state revenue and receive only 40.5% back.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 01:57-02:05
“He budgeted $860 million for cash assistance this fiscal year, but current estimates are 1.6 to $5 billion.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 04:32-04:41
“In fiscal year 2022, New York City sent $68.8 billion in revenue to Albany and received 47.6 billion back.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 05:10-05:20
“State revenue grew by $48 billion. New York City alone generated 64% of that growth, or $31 billion.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 06:09-06:19
“New York City is facing a serious fiscal crisis. There is a massive fiscal deficit in our city's budget to the tune of at least $12 billion.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 00:14-00:25
“The Adams administration dramatically and intentionally understated the problem. The budget gaps are twice as high year after year.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 02:49-02:58
“Mayor Adams underestimated known budget expenses so he could show fiscal year 2026 was balanced.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 02:59-03:06
“These expenses not only totaled nearly $8 billion, they're on an upward trajectory.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 04:02-04:08
“Former Mayor Adams made the repeated deliberate choice to under budget.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 04:26-04:32
“He budgeted $1.47 billion for shelter costs this fiscal year, but current estimates reflect an additional unaccounted for $500 million.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 04:43-04:53
“When expenditures increased by $36 billion, New York City received only 42%, or $15 billion annually.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 06:19-06:28
“City hall will do what the law requires. We will deliver a balanced budget over two fiscal years.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 07:07-07:14
“We have requested more time to work on a settlement in the city FEPS case.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 09:46-09:52
“We are going to pursue every single saving and efficiency that we can find.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 10:39-10:44
“We are speaking about a fiscal crisis at the scale greater than the Great Recession.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 11:40-11:45
“We are looking for what New York City is owed.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 12:05-12:08
“We can not only put our city back on firmer financial footing, but also build a stronger city for everyone if the top 1% of New Yorkers pay…”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 13:23-13:36
“We are going to deliver a preliminary budget on February 17.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 16:14-16:19
“We are looking at every single dollar that the city spends.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 21:04-21:09
“We are speaking about a gap on an annual basis of about $8 billion as to the difference between what the city contributes to the revenues of…”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 22:05-22:18
“We are not entertaining the idea of cuts [to the NYPD].”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 22:59-23:02
“On day eight of this administration with more than a billion dollars secured towards universal childcare.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 23:53-23:59
“Of the 10 who had died, about six were known to the Department of Homeless Services.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 24:42-24:48
“We need to disband the SRG [Strategic Response Group].”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 28:36-28:41
“We are making clear the extent of, of the fiscal gap of $12 billion.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 29:10-29:15
“We don't believe that there should be a unit that has both counterterrorism responsibilities and responsibilities to responding to protests.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 29:45-29:56
“That will require increased revenue. It will require a new relationship with the state.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 31:33-31:39
“The DOT workers have cleared a total of 3,227 bus stop shelters, which is about 95% of the 3,400 bus stops with shelters.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 32:45-32:56
“This snowstorm has then been followed by the kind of cold that the city has not seen in at least eight years.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 33:31-33:39
“Mayor Adams's administration misled the public about the scale of the fiscal deficit.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 34:14-34:23
“We're talking about a budget gap that eclipses that of the Great Recession.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 34:31-34:35
“It's 300% more than what we saw in pre-Covid years.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 34:35-34:42
“The intent of this cost shifting was not to take care of needy New Yorkers elsewhere. It was in fact to punish [New York] city.”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 35:37-35:44
“A chasm grew so significantly over the course of a decade [due to cost shifting].”
JUST IN: Zohran Mamdani Holds Press Briefing On Former NYC Mayor Eric Adams' Budget 'Crisis' | Uploaded January 28, 2026 | 35:43-36:01