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Zohran Mamdani: “We spoke about the $12 billion that we saw as the fiscal…”

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 28:08

And it is a fiscal crisis that will require attention to structural fixes. So when we first came forward in this Blue Room, We spoke about the $12 billion that we saw as the fiscal deficit in line with comptroller's assessments. That was a $12 billion deficit after the assumption of $4 billion in increased revenue on top of the majority of November 2025 plan in the time since then. (28:08–28:15)

CLAIM

Asserts that the fiscal deficit was initially assessed at $12 billion.

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.”
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“One in four New Yorkers are living in poverty.”
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“Our aggressive savings plan, daily incorporation of updated revenue and bonus estimates, and our deployment of in year reserves, in tandem…”
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“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…”
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“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…”
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“The city would have to exercise the only revenue lever for fully within our own control. We would have to raise property taxes.”
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“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…”
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“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.”
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“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.”
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“These CSOs will have clear goals 1.5% in savings in fiscal year 2026 and 2.5% in fiscal year 2027.”
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“We are hiring 50 new auditors at the Department of Finance, which we expect will generate $100 million in new revenue per year.”
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“We are also adding 200 lawyers to the law department to reduce tort liability, which we anticipate will yield $125 million in savings in…”
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“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.”
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“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.”
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“Over $38 million specifically to install heat pumps in more than 700 housing units in the Rockaways.”
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“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.”
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“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…”
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“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…”
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“Rainy Day fund a withdrawal of 980 million in fiscal year 2026.”
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“Then we see the Capital Stabilization Fund, 250 million. 250 million in both fiscal years.”
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“Labor Reserve Savings 150 million here, 400 million in the next.”
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“Projected agency savings with the CSOs.”
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“This is an adjustment for OTPS inflation of 56 million in 2027 fiscal year.”
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“It is a balanced budget in fiscal year 2026, a balanced budget in fiscal year 2027 as required by law.”
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“The city is facing a fiscal crisis not created by working and middle class New Yorkers.”
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“The property tax increase, if the city was forced to do so, would be at a 9.5% increase.”
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“The city is facing a significant fiscal crisis the likes of which we have not seen in a long time.”
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“Now, thanks to the state's aid, we are looking at $5.4 billion.”
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“We have a very aggressive savings plan, one that we anticipate, as we showcased, will yield around $1.7 billion over two fiscal years.”
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“Part of this is tort reform. Part of this is also hiring more fiscal auditors.”
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“March 20th is when our CSOs will be presenting their plans to achieve those 1.5 and 2.5% savings.”
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“We are eliminating the two for one rule that agencies have been subject to for prior years.”
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“We are allocating funding such that agencies can hire 50% of the vacancies that have been longstanding in city government.”
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“We are going to deliver a bill to Albany. It is not a hope. It is a commitment.”
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“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.”
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“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…”
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“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…”
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“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
“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…”
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“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…”
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“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.”
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“Increasing spending for the Police Department by $600 million.”
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