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Zohran Mamdani: “We are outlining is a $5.4 billion fiscal deficit that is…”

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

BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike

Published February 17, 2026 | Video Starts at 48:19

That continues to be the case. I continue to believe in the importance of that. What I am addressing today is the immediate crisis at hand of which We are outlining is a $5.4 billion fiscal deficit that is critical for the city to be able to address by the time that it adopts its final budget. New initiatives that are not in this current budget plan. Taxing the rich will put the city back on its firm financial footing. (48:19–48:29)

CLAIM

Asserts that the city faces a $5.4 billion fiscal deficit.

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 but receive only 40.5% back.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 11:12-11:19
“One in four New Yorkers are living in poverty.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 44:36-44:39
“Our aggressive savings plan, daily incorporation of updated revenue and bonus estimates, and our deployment of in year reserves, in tandem…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 01:18-01:36
“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…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 01:57-02:08
“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…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 02:14-02:23
“The city would have to exercise the only revenue lever for fully within our own control. We would have to raise property taxes.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 02:37-02:45
“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…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 04:03-04:19
“Adam's November plan left the city with a $12 billion budget gap.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 04:39-04:44
“The $12 billion budget deficit confronting our city was historically vast.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 05:00-05:05
“More than $7.5 billion were left unaccounted for.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 05:48-05:53
“The city must fulfill more than $6.6 billion in additional unfunded needs and state mandates.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 06:00-06:07
“Wall street profits are at a record high, surpassing any projections and allowing us to incorporate more revenue than anyone anticipated.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 06:35-06:43
“I signed an executive order establishing a chief Savings officer in every city agency.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 07:23-07:29
“Each CSO will issue a public report by March 20 detailing the savings they have found and provide updated assessments every six months.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 07:45-07:54
“These CSOs will have clear goals 1.5% in savings in fiscal year 2026 and 2.5% in fiscal year 2027.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 07:53-08:03
“We are hiring 50 new auditors at the Department of Finance, which we expect will generate $100 million in new revenue per year.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 08:16-08:24
“We are also adding 200 lawyers to the law department to reduce tort liability, which we anticipate will yield $125 million in savings in…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 08:23-08:35
“These aggressive savings measures...have allowed us to reduce the budget gap from $12 billion to $7 billion.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 08:44-08:57
“Albany would contribute $1.5 billion in state aid to help us bridge this gap.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 09:07-09:13
“New data in the state school aid formula will bring an additional $97 million to New York City on a recurring basis.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 09:51-09:59
“This is a budget that is balanced at $122 billion in fiscal year 2026 and $127 billion in fiscal year 2027.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 12:47-12:58
“We are more than tripling baseline funding for HRA's Community Food Connection Emergency Food Program adding $54 million in fiscal year 2027…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 14:46-14:56
“This capital plan also makes major investments in nycha developments including $662 million in fiscal year 2027 to boost renovations.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 15:23-15:33
“Over $38 million specifically to install heat pumps in more than 700 housing units in the Rockaways.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 15:33-15:39
“We will also invest over $48 million in the expansion of the adult Comprehensive Psychiatric Emergency program at Bellevue Hospital.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 15:40-15:48
“The fiscal impact of the decoupling from federal legislation will yield $723 million in additional revenue starting in the next fiscal year.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 17:07-17:16
“This is the sales tax Distressed Hospital Intercept.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 17:19-17:23
“This reflects the second path that we are forced to take within this preliminary budget which showcases an increase in property taxes…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 17:48-17:58
“We see a $6.6 billion change in this fiscal year $7.4 billion in fiscal year 2027.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 18:13-18:21
“These are the savings that we anticipate from the NYCE PPO health savings 411 million this year 791 million next year through the…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 18:38-18:51
“This is the reversal of Article 6, the provision of youth programming and school aid. $360 million in fiscal year 2026 increases to 457 in…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 18:54-19:10
“Rainy Day fund a withdrawal of 980 million in fiscal year 2026.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 19:55-20:00
“Then we see the Capital Stabilization Fund, 250 million. 250 million in both fiscal years.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 19:59-20:05
“Labor Reserve Savings 150 million here, 400 million in the next.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 20:04-20:09
“Projected agency savings with the CSOs.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 20:16-20:20
“This is an adjustment for OTPS inflation of 56 million in 2027 fiscal year.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 20:20-20:27
“It is a balanced budget in fiscal year 2026, a balanced budget in fiscal year 2027 as required by law.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 20:41-20:49
“The city is facing a fiscal crisis not created by working and middle class New Yorkers.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 23:26-23:38
“The property tax increase, if the city was forced to do so, would be at a 9.5% increase.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 23:59-24:06
“The city is facing a significant fiscal crisis the likes of which we have not seen in a long time.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 27:54-28:02
“We spoke about the $12 billion that we saw as the fiscal deficit in line with comptroller's assessments.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 28:08-28:15
“Now, thanks to the state's aid, we are looking at $5.4 billion.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 28:44-28:49
“We have a very aggressive savings plan, one that we anticipate, as we showcased, will yield around $1.7 billion over two fiscal years.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 30:47-30:56
“Part of this is tort reform. Part of this is also hiring more fiscal auditors.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 31:17-31:22
“March 20th is when our CSOs will be presenting their plans to achieve those 1.5 and 2.5% savings.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 31:23-31:30
“We are eliminating the two for one rule that agencies have been subject to for prior years.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 36:08-36:14
“We are allocating funding such that agencies can hire 50% of the vacancies that have been longstanding in city government.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 36:14-36:22
“We are going to deliver a bill to Albany. It is not a hope. It is a commitment.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 36:50-36:56
“The current property tax system is a broken system.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 37:03-37:07
“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…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 37:17-37:26
“We are forced to raid the Rainy Day Fund, the Retiree Health Benefits Trust Reserve, and to increase property taxes across these other…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 39:16-39:25
“Agency savings, 710 million in this fiscal year, 1.06 billion in the next fiscal year.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 40:49-40:57
“We need to reform the real property tax system.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 41:43-41:47
“This is both the wealthiest city and the wealthiest country in the history of the world.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 44:31-44:36
“We want to deliver the most excellent city government so that we can transform the most expensive city in the United States of America into…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 44:57-45:07
“We have shown in this budget is an actual accounting of the cost that the city is paying for typically, what we've seen is a lot of these…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 45:39-45:51
“We investments in the Department of Community Safety within our executive budget.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 47:02-47:08
“I spoke about the importance of raising about $9 billion in additional taxes.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 48:04-48:09
“The city is facing $5.4 billion fiscal deficit.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 48:15-48:29
“Taxing the rich will put the city back on its firm financial footing.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 48:33-48:38
“Within our budget also is a reflection of the state's more than billion dollar commitment to fulfill our campaign promise of delivering…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 48:46-48:57
“For the first time in city history to deliver childcare for two year olds.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 49:02-49:07
“By the end of year four, a seat for every single two year old.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 49:10-49:14
“2.5% is the highest level of savings that we can anticipate agency wide without starting to inhibit city services.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 50:06-50:16
“We showed on day eight of our administration our ability to deliver on the largest promise within our campaign, which was to deliver…”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 51:38-51:50
“More than $100 million earmarked for [fixing childcare for 3 year olds, 3k].”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 51:56-51:59
“To deliver, for the first time in city history, child care for two year olds for free from city government.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 51:59-52:05
“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.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 52:04-52:12
“Continuing to advocate and work on making those same buses free.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 52:23-52:29
“Increasing spending for the Police Department by $600 million.”
BREAKING: NYC Mayor Zohran Mamdani Unveils FY27 Preliminary Budget With Potential Property Tax Hike | Uploaded February 17, 2026 | 52:57-53:02