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Zohran Mamdani: “Albany would contribute $1.5 billion in state aid to help us…”

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

WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York

Published February 17, 2026 | Video Starts at 08:40

I want to commend the members of my team who have exhausted every option to improve our fiscal outlook. I also want to thank Governor Hochul for her partnership. Yesterday she announced that Albany would contribute $1.5 billion in state aid to help us bridge this gap. As the Governor aptly said, a strong New York City means a stronger New York State. I am grateful to the Governor for her support throughout the budget crisis. (08:40–08:46)

CLAIM

Asserts that Albany will contribute $1.5 billion in state aid.

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Zohran Mamdani

“More than $7.5 billion were left unaccounted for.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 05:21-05:25
“Those record profits translate into increased tax revenue, $2.4 billion more than anticipated in fiscal year 2026 and $4.9 billion more than…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 06:15-06:28
“We are hiring 50 new auditors at the Department of Finance, which we expect will generate $100 million in new revenue per year.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 07:49-07:57
“New Yorkers contribute 54.5% of state revenue but receive only 40.5% back.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 10:44-10:51
“One in four New Yorkers are living in poverty.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 44:04-44:07
“Our aggressive savings plan, daily incorporation of updated revenue and bonus estimates, and our deployment of in year reserves in tandem…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 00:51-01:09
“The onus for resolving this crisis should not be placed on the backs of working and middle class New Yorkers.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 01:40-01:47
“If we do not fix this structural imbalance and do not heed the calls of New Yorkers to raise taxes on the wealthy, this crisis will not…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 01:46-01:56
“We would have to raise property taxes. We would also be forced to raid our reserves to balance the budget as required by law.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 02:15-02:23
“The city's budget at the time was $118.2 billion. That plan projected a $4.7 billion gap in fiscal year 2027 and a $6.3 billion gap over…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 03:35-03:52
“Adam's November plan left the city with a $12 billion budget gap.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 04:11-04:16
“More than $6.6 billion in additional unfunded needs and state mandates.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 05:34-05:40
“Wall street profits are at a record high, surpassing any projections and allowing us to incorporate more revenue than anyone anticipated.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 06:07-06:15
“Chief Savings officers, or CSOs, have a simple remit identifying savings within the agencies they serve.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 07:01-07:09
“Each CSO will issue a public report by March 20 detailing the savings they have found and provide updated assessments every six months.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 07:17-07:26
“These CSOs will have clear goals, 1.5% in savings in fiscal year 2026 and 2.5% in fiscal year 2027.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 07:26-07:35
“We are also adding 200 lawyers to the law department to reduce tort liability, which we anticipate will yield $125 million in savings in…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 07:56-08:08
“These aggressive savings measures, maximal use of in year reserves, and daily recognition of updated revenues have allowed us to reduce the…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 08:16-08:29
“New data in the state school aid formula will bring an additional $97 million to New York City on a recurring basis.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 09:24-09:32
“New York City's portion of the state's GDP has grown by nearly 10% since 2010.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 10:52-10:58
“This is a budget that is balanced at $122 billion in fiscal year 2026 and $127 billion in fiscal year 2027.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 12:20-12:30
“40% of funding that goes to agencies is going to DOE, 26% is going to social services, 12% to our uniformed agencies, and the remaining 22%…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 12:34-12:46
“This preliminary budget increases city expenses by over $14 billion.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 12:55-13:00
“Only 4% represents new programmatic spending. Again of $14 billion. Only $576 million is going to deliver new programmatic spending.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 13:21-13:36
“We are bringing on 200 attorneys and 100 support staff within the law department.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 14:13-14:18
“We are more than tripling baseline funding for HRA's Community Food Connection Emergency Food Program, adding $54 million in fiscal year…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 14:18-14:29
“The city's $113 billion preliminary five year capital plan... includes $662 million in fiscal year 2027 to boost renovations and over $38…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 14:40-15:12
“We will also invest over $48 million in the expansion of the adult Comprehensive Psychiatric Emergency Program at Bellevue Hospital.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 15:12-15:21
“The November 2025 financial plan released by the Adams administration projected a balance of fiscal year 2026 and then the out year gaps of…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 16:11-16:27
“The fiscal impact of the decoupling from federal legislation will yield $723 million in additional revenue starting in the next fiscal year.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 16:39-16:48
“This is the sales tax Distressed hospital intercept.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 16:52-16:56
“This is the one time unrestricted state aid that I was referring to earlier $500 million.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 17:07-17:12
“This reflects the second path that we are forced to take within this preliminary budget which showcases an increase in property taxes…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 17:20-17:31
“We see a $6.6 billion change in this fiscal year. $7.4 billion in fiscal year 2027.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 17:46-17:54
“Rainy Day fund a withdrawal of 980 million in fiscal year 2026.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 19:27-19:33
“Projected agency savings with the CSOs.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 19:48-19:52
“As a result of these approaches is a balanced budget in fiscal year 2026, a balanced budget in fiscal year 2027 as required by law.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 20:11-20:21
“Total expenditures of $122.3 billion for this fiscal year, 127 billion for the next fiscal year.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 21:31-21:39
“The gap to be closed in 26 is 0 and 27 is 0 as required by law.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 21:38-21:44
“The property tax increase, if the city was forced to do so, would be at a 9.5% increase.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 23:31-23:38
“The city is facing $5.4 billion [fiscal deficit].”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 24:46-24:49
“The city contributes 54.5% to the state's revenue, receives 40.5% in return.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 25:26-25:36
“The dollar figure that we are looking for is $5.4 billion to ensure that we do not have to go beyond the responsible use of in year savings.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 26:36-26:46
“We spoke about the $12 billion that we saw as the fiscal deficit in line with comptroller's assessments.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 27:41-27:48
“We are looking at every which way we can to bridge a $5.4 billion fiscal deficit.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 30:07-30:16
“We have a very aggressive savings plan, one that we anticipate, as we showcased, will yield around $1.7 billion over two fiscal years.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 30:20-30:29
“March 20th is when our CSOs will be presenting their plans to achieve those 1.5 and 2.5% savings.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 30:55-31:03
“I have long believed in the importance of taxing the rich.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 32:08-32:12
“There is one tax the city can raise. It is a broken property tax system.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 33:24-33:24
“We are taking a firm look at every single part of our city's budget.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 34:13-34:20
“We are eliminating the two for one rule that agencies have been subject to for prior years.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 35:35-35:42
“We are allocating funding such that agencies can hire 50% of the vacancies that have been long standing in city government.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 35:41-35:49
“The current property tax system is a broken system.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 36:30-36:34
“We are not looking to raise property taxes.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 36:37-36:41
“We believe the system has to be reformed and we believe that the way to bridge this fiscal gap is by increasing taxes on the wealthiest and…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 36:45-36:54
“We are forced to raid the Rainy Day Fund, the Retiree Health Benefits Trust Reserve, and to increase property taxes across these other…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 38:43-38:53
“We need to reform the real property tax system.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 41:11-41:14
“It's a system that is unfair. It's a system that is inequitable. It's a system that can barely stand up in court.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 41:19-41:26
“This is both the wealthiest city and the wealthiest country in the history of the world.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 43:59-44:03
“We have shown in this budget is an actual accounting of the cost that the city is paying for.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 45:06-45:13
“We are also working towards the reduction of [the cost], as we have seen already through the police commissioner's actions.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 45:20-45:25
“We investments in the Department of Community Safety within our executive budget.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 46:30-46:35
“I spoke about the importance of raising about $9 billion in additional taxes.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 47:31-47:37
“We are outlining is a $5.4 billion fiscal deficit.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 47:46-47:52
“Taxing the rich will put the city back on its firm financial footing.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 48:00-48:06
“The state's more than billion dollar commitment to fulfill our campaign promise of delivering universal childcare to New Yorkers.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 48:16-48:24
“For the first time in city history to deliver childcare for two year olds which will begin with 2,000 seats this year.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 48:23-48:42
“For the first time in city history, [we will deliver] child care for 2 year olds for free from city government.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 48:30-51:33
“The functioning of city government has been hamstrung by the prior administration's approach.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 49:17-49:24
“2.5% is the highest level of savings that we can anticipate agency wide without starting to inhibit city services.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 49:33-49:43
“I do not believe that [raising property taxes] is either the most sustainable or the fairest way to resolve this fiscal deficit.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 50:21-50:27
“We showed on day eight of our administration our ability to deliver on the largest promise within our campaign, which was to deliver…”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 51:06-51:17
“More than $100 million [is] earmarked for [fixing childcare for 3 year olds, 3k].”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 51:24-51:26
“2,000 seats this year, 12,000 seats by the end of next year until we get to every single two year old by the end of year four.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 51:32-51:39
“Increasing spending for the Police Department by $600 million.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 52:25-52:29