NYC faces $12B budget shortfall

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NYC Mayor Zohran Mamdani announced a $12 billion budget gap for FY2026–27, largely blaming former Mayor Eric Adams for chronic underfunding essential services. Mamdani cited shortfalls in cash assistance, shelters, and special education, saying the crisis exceeds the scale of the Great Recession.

Adams pushed back, claiming he left over $8 billion in reserves and called the crisis claims misleading. Mamdani also criticized former Gov. Andrew Cuomo for draining city funds.

The fiscal debate comes amid Adams’ focus on national issues and his recent high-profile entry into crypto with the NYC Token.

[johnblockbuster]

adams vs mamdani vs cuomo… lol these numbers and accusations are wild, feels like new york finance drama never ends