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Zohran Mamdani: “We had reached an agreement of extending our own budget…”

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 14:37

I'll say that, yes. I spoke with the governor yesterday before we moved forward with, with today's press conference to let her know about the fact that 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. And the speaker and I are here working together to speak about not only our commitment to savings, but also our belief that there is no amount of savings that … (14:37–14:45)

CLAIM

Asserts that an agreement was reached to extend the budget process and call for a reduction in the PTET tax credit.

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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
“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
“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 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