New York City Mayor Zohran Mamdani is calling for the Empire State to hike taxes on corporations and wealthy individuals in order to address the Big Apple’s budget deficit, warning that the alternative would involve the city increasing property taxes and dipping into its reserves.

Mamdani has issued a preliminary fiscal year 2027 budget that involves a property tax hike, a prospect he has described as a “last resort.”

“Today, I’m releasing the City’s preliminary budget. After years of fiscal mismanagement, we’re staring at a $5.4 billion budget gap — and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City’s disposal,” Mamdani noted in a Tuesday post on X.

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New York City Mayor Zohran Mamdani during a Bloomberg Television interview at City Hall in New York, on Thursday, Jan. 29, 2026.  (Michael Nagle/Bloomberg via Getty Images / Getty Images)

The city council needs to green-light city budgets, according to the New York Times.

“As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation,” he said during remarks on Tuesday.

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The sun sets on the Statue of Liberty and the Empire State Building in New York City on July 28, 2025, as seen from Bayonne, N.J. (Gary Hershorn/Getty Images / Getty Images)

“Faced with no other choice, the city would have to exercise the only revenue lever fully within our own control. We would have to raise property taxes. We would also be forced to raid our reserves,” he said. 

“This would effectively be a tax on working and middle class New Yorkers, who have a median income of $122,000,” said Mamdani, a self-described Democratic socialist who ran on a platform that promised to tackle rent costs.

HOUSE GOP LEADER RIPS ‘SOCIALIST’ ZOHRAN MAMDANI AFTER 18 PEOPLE FREEZE TO DEATH IN NYC

New York City Mayor Zohran Mamdani during an announcement on junk fees in the Susan and John Hess Family Theater at The Whitney Museum of American Art in New York, on Wednesday, Jan. 21, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)

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Mamdani said the “preliminary budget takes the only path within our control,” but added that the city will only go that route if there is no other way to achieve a balanced budget.

Speaking after the company’s record results, Woodburn, who has run BAE since 2017, said: “In a new era of defence spending, driven by escalating security challenges, we’re well-positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future.”

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Administrators confirm the Goole-based emergency vehicle manufacturer has shut down after more than 30 years

Hopes that jobs could be saved at a Goole-based manufacturer of emergency vehicles have been dashed after administrators were officially appointed. Insolvency experts were brought in to O&H Vehicle Conversions last week amid financial difficulties.

The development brings to an end more than three decades of production at the firm’s Larsen Road facility, and results in the loss of 157 positions. Administrators from BDO LLP said the business had been affected by delivery delays which impacted revenue and cashflow, with the directors believed to be left with no alternative but to place the company into administration.

Attempts to market the business had been ongoing even before BDO’s appointment but a sale as a solvent, going concern could not be achieved. O&H’s 64,000 sqft plant which manufactured ambulances and other rapid response emergency vehicles is now shut.

Mark Thornton, one of the joint administrators said: “It is always a sad day when a longstanding business is forced to close. Given the financial position and outlook for the company, securing a sale of the business as a going concern was not possible.

“The priority of the joint administrators will now be to support employees impacted by the closure and realise assets in line with our duties in order to maximise the return for creditors.”, reports Hull Live.

The shuttering of O&H comes just weeks after CEO Mark Brickhill released a statement saying that since November of the previous year, approximately £2.2m in sales had been postponed. He stated that O&H had received support from shareholders for years, amounting to over £25m in a “very challenging industry”.

The most recent accounts for O&H Vehicle Conversions Group Ltd, spanning the year up to the end of February 2024, reveal a turnover of £22.3m and operating losses exceeding £9.7m. In those accounts, executives attributed delays to multi-year NHS Trust orders for ambulances which needed new post-Brexit accreditations.

Several O&H employees have taken to social media in recent days in search of new employment opportunities. A former director said: “It’s a difficult day, saying goodbye to so many talented and dedicated colleagues at O&H. People who showed up every day with pride, resilience, and a genuine commitment to doing things the right way. Watching a team like that be broken apart is heart breaking.

“I’m incredibly proud of what we achieved together, and I’m grateful for the friendships, the support, and the professionalism you all brought to work every single day. To everyone affected, I wish you nothing but success in finding your next role and hope our paths cross again. If anyone reading this can help my colleagues into their next opportunity, please do reach out to them.”