New York City Mayor Zohran Mamdani and New York City Police Commissioner Jessica Tisch hold a press conference at the scene where a car slammed into the entrance of the headquarters of a Jewish religious order, the Chabad Lubavitch World Headquarters, in the Brooklyn borough of New York City, Jan. 28, 2026. (Madison Swart/Reuters)
The mayor suggested that there were two paths to balancing the budget: one that he painted as putting the burden on the wealthy and the other that he classified as drawing from vital resources. He pushed for the state to raise taxes on the wealthy and corporations in order to balance the budget, a stance that was in-line with his campaign statements.
"There are two paths to bridge this gap. 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 New Yorkers and the most profitable corporations," Mamdani said.
NYPD Counterterrorism officers and NYPD officers walk through Times Square ahead of New Year's Eve celebrations amid increased security measures in the Manhattan borough of New York City, Dec. 31, 2025. (Ryan Murphy/Reuters)
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"And if we do not go down the first path, the city will be forced down a second, more harmful path. 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 to balance the budget as required by law," he added.
Fox News Digital reached out to Mamdani's office for comment.
Rachel Wolf is a breaking news writer for Fox News Digital and FOX Business.
https://www.foxnews.com/politics/mamdani-proposes-cutting-nypd-budget-canceling-5k-new-officer-hires