
How Mamdani’s tax-hike mania could make his budget gap grow BIGGER
NY Post
Mayor Zohran Mamdani has painted himself as the unfortunate victim of a historic budget crisis, but he really should be counting his lucky stars.
New York City has a big spending problem, but not a revenue problem.
Yet that could change soon — warning signs are already flashing.
Mamdani isn’t confronting an external economic shock like a recession, 9/11, the financial crisis or COVID-19.
Wall Street is doing fine; the taxes on its stellar bonuses made $5 billion of the city’s budget gap disappear overnight.
As much as the mayor would hate to admit it, he needs Wall Street more than it needs him.
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