The Brian Lehrer Show Mamdani's Budget Challenges
Nov 12, 2025
In this insightful discussion, Greg David, a fiscal expert and contributor for THE CITY, dives into the significant budget challenges facing Mayor-elect Mamdani. He highlights how Wall Street’s temporary boom could ease initial budget gaps. The conversation extends to the sustainability of these gains, migration patterns of wealthy New Yorkers, and the pressing issues of affordability for the working class. David also weighs in on tax strategies to support Mamdani's ambitious agenda while addressing rising insurance costs impacting small businesses.
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Wall Street Windfall Temporarily Helps Budgets
- Wall Street's AI-driven boom temporarily eases New York's budget shortfall by boosting bonuses and tax revenue.
- Greg David warns this windfall may not last and could reverse if an AI bubble bursts within a year or two.
Business Leaders Move From Opposition To Engagement
- High-profile Wall Street figures who opposed Mamdani have mostly shifted to engagement after accepting his victory.
- Greg David explains CEOs prioritize company interests and must work with the new mayor given major local investments like JP Morgan's HQ.
Wealthy Outflows Could Bite Revenues
- A small number of very wealthy residents leaving could materially reduce state revenue because the top pay a disproportionate share of taxes.
- Greg David highlights that the top 1% and top earners contribute roughly half of state income tax revenues.