How Mamdani and Hochul Are Solving New York City's Budget Crisis

Three months after Zohran Mamdani claimed New York City was facing a budgetary crisis of generational proportions, the mayor announced on Tuesday that he had closed the gap, thanks to an infusion of state resources from Gov. Kathy Hochul and some routine belt tightening.

The announcement came as the mayor released his first executive budget, which totals about $125 billion for the coming fiscal year. The spending plan, which is still subject to change before the City Council ratifies it by a June 30 deadline, comes amid a lackluster job market and an uncertain economic forecast made hazier by the war with Iran.