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Zohran Mamdani: “If we were to reduce this tax credit by just a quarter, as…”

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

JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline

Published April 28, 2026 | Video Starts at 18:11

And I just want to underline again, for many New Yorkers, the four letters of PTET are not ones that we use in a day to day conversation. However, If we were to reduce this tax credit by just a quarter, as the speaker said, we would be talking about raising nearly a billion dollars in additional revenue. That would be critical in our city's ability to balance this budget and in our city's ability to Deliver for those who look to us with that responsibility. (18:11–18:20)

CLAIM

Asserts that reducing the PTET tax credit by a quarter could raise nearly a billion dollars in revenue.

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 York City generates more than 55% of state revenue, but receives less than 42% in return.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 02:29-02:37
“With the pied a terre tax, we are creating a new sustainable revenue stream that will bring in at least $500 million each year.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 03:23-03:31
“95% of recipients of that tax credit earning more than $1 million a year and 80% earning more than $5 million a year.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 09:45-09:53
“New York City faces a budget crisis of a historic magnitude.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 00:00-00:05
“We inherited a deficit larger than any since the Great Recession.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 00:04-00:09
“More than 95% of PTET credits go to those making more than $1 million a year.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 01:44-01:50
“More than 80% [of PTET credits] go to those earning more than $5 million a year.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 01:50-01:55
“That change [reducing PTET from 100% to 75%] alone will generate nearly $1 billion in additional revenue.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 02:06-02:12
“The pied a terre tax... would increase the fees on secondary homes of non-resident New Yorkers that are valued at more than $5 million.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 03:23-09:27
“We are looking at a fiscal deficit the likes of which the city has not seen since the Great Recession.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 08:47-08:54
“The city already funds these systems at more than 86%.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 11:14-11:19
“We inherited a fiscal crisis the likes of which New Yorkers had not seen since the Great Recession.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 13:19-13:25
“We had reached an agreement of extending our own budget process and that we would be calling upon the state to reduce the PTET tax credit.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 14:37-14:45
“We inherited a fiscal crisis of such scale that we are not yet at that finish line.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 15:29-15:36
“We put the PTET and the reduction of that credit in a letter to Albany leaders on. I think it was about March 3, which was then promptly…”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 20:47-20:58
“95% of its recipients [of the tax credit] make more than a million dollars a year, more than 80% make more than $5 million a year.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 21:14-21:14
“We put forward a proposal to save about $1.7 billion by finding inefficiencies, any examples of fraud or waste, through our chief savings…”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 21:54-22:04
“There is no amount of savings we can find that would absolve Albany of the need to continue to partner with the city to deliver that…”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 22:11-22:20
“We have seen how New York City was singled out more than a decade ago and has never received that AIM funding.”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 23:09-23:15
“If we were to have received that AIM funding since the moment it was stripped from the city, we would actually not require any additional…”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 23:15-23:22