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Zohran Mamdani: “The city already funds these systems at more than 86%.”

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 11:14

And I'll also say when it comes to the restructuring, this does not affect any New Yorker's pension. This is something that simply would determine the timeline by which we would reach the full funding of these pensions. The city already funds these systems at more than 86%. We are talking about the timeline by which we reach 100%. Not if, but when. And when it comes to class size. (11:14–11:19)

CLAIM

Asserts that the city's pension systems are funded at over 86%.

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.”
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“With the pied a terre tax, we are creating a new sustainable revenue stream that will bring in at least $500 million each year.”
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“95% of recipients of that tax credit earning more than $1 million a year and 80% earning more than $5 million a year.”
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“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…”
JUST IN: Zohran Mamdani And Julie Menin Announce Delay Of Executive Budget Deadline | Uploaded April 28, 2026 | 18:11-18:20
“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
“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.”
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“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…”
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“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.”
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“We put forward a proposal to save about $1.7 billion by finding inefficiencies, any examples of fraud or waste, through our chief savings…”
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“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…”
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“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…”
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