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Zohran Mamdani: “The onus for resolving this crisis should not be placed on…”

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 01:40

The first is the most sustainable and the fairest path. This is the path of ending the drain on our city and raising taxes on the richest New Yorkers and the most profitable corporations. The onus for resolving this crisis should not be placed on the backs of working and middle class New Yorkers. 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 disappear. (01:40–01:47)

CLAIM

Asserts that working and middle-class New Yorkers should not bear the burden of resolving the budget crisis.

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

“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
“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
“Albany would contribute $1.5 billion in state aid to help us bridge this gap.”
WATCH LIVE: NYC Mayor Zohran Mamdani reveals preliminary budget proposals | NBC New York | Uploaded February 17, 2026 | 08:40-08:46
“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