Wall Street Bonanza Won’t Save NYC’s Finances, Mamdani Warns

Mayor Zohran Mamdani says a financial crisis is worse than the Great Recession nearly two decades ago, despite Wall Street’s booming year.

The financial industry is a key contributor to New York’s tax base, accounting for about 7% of the city’s tax revenue during the 2024 fiscal year.

Mamdani launched a campaign to lobby lawmakers to hike taxes on the richest residents and corporations, and to send billions more in aid to the city, to help fill a projected $12.6 billion budget gap.

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