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Zohran Mamdani: “We raise taxes on the wealthiest New Yorkers instead of…”

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

Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget

Published June 30, 2026 | Video Starts at 03:29

We worked closely with Governor Hochul and our partners in both Albany and here at the City Council. And We raise taxes on the wealthiest New Yorkers instead of taking more from those with the least. Throughout this process, I have been reminded of the words of the Austrian economist Friedrich Hayek, if socialists understood economics, they wouldn't be socialists. (03:29–03:35)

CLAIM

Asserts that taxes were increased on the wealthiest New Yorkers.

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

“Our city was reckoning with a $12 billion deficit, a fiscal crisis larger than any since the Great Recession.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 02:14-02:22
“This will be the nation's largest universal college savings program.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 05:01-05:15
“We presented an executive budget that brought that $12 billion gap down to zero.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 02:39-02:44
“We balanced the budget without slashing the services that New Yorkers rely on.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 02:49-02:53
“The council has reached a transformative agreement on CityFEPS with the administration.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 03:58-04:10
“We will invest $10 million in each of the next three fiscal years to create a cultural stability fund.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 04:26-04:30
“This is a $125.8 billion budget for fiscal year 2027.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 04:29-04:35
“The new bill creates a fiscally responsible structure for housing vouchers.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 04:34-04:45
“It makes historic investments in affordable housing by expanding rental assistance and creating a new $175 million housing voucher program.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 04:34-04:43
“We are enhancing a program called NYC Kids Rise that will provide a college savings account with $1,000 to every public school…”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 05:01-05:15
“We are making public transit more affordable for low income New Yorkers by increasing the baseline for fare fares by $54 million.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 05:15-05:23
“We are committing more than $34 million to create a public portal that will finally release documents from across city government related to…”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 05:32-05:44
“We are adding $350 million to the city's General Reserve.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 05:32-05:44
“The NYPD headcount is kept at the originally authorized 35,000.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 23:53-24:07
“We announced today a $175 million investment into helping [needy New Yorkers] stay in their homes.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 24:46-24:55
“We will send all eligible nonprofits the 50% advance payments that would put us in full compliance with the council law.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 25:45-25:52
“We are resolving [a lawsuit] with a commitment not only to the intent of the legislation, but also the fiscal responsibility.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 27:12-27:20
“The number one crisis New Yorkers are facing is the cost of living.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 27:29-27:32
“We’ve expanded eligibility for fair Fares to residents earning up to 200% of the federal poverty level.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 30:27-30:32
“This is the largest expansion of fair Fares in council history.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 30:27-30:32
“We raise this Fair Fare's eligibility to a historic amount.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 30:27-30:32
“We are fully committed to delivering buses that are not only fast, but also free.”
Mayor Mamdani Announces Handshake Agreement on Fiscal Year 2027 Budget | Uploaded June 30, 2026 | 30:31-30:38