Bloomberg Talks NYC Mayor Zohran Mamdani Talks Tax Hikes, City's Fiscal Deficit & More
Jan 30, 2026
Zohran Mamdani, elected mayor of New York City known for progressive politics, discusses a $12B fiscal shortfall larger than the Great Recession. He talks about tax-hike plans to close budget gaps. He outlines homelessness outreach during extreme cold, defenses against federal funding cuts, and efforts on public safety, housing reform, business rules and inclusive governance.
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Emergency Outreach During Historic Cold
- During the extreme cold the city rerouted 311 calls to 911 and connected over 600 homeless New Yorkers to shelter.
- Mamdani praised 24/7 outreach efforts but said work continues to bring people in from the cold.
Wall Street Won't Fix The Whole Deficit
- Wall Street's strong year helps but cannot close NYC's $12 billion budget gap alone.
- The deficit is larger than the city's Great Recession shortfall and needs an all-of-the-above solution.
City Shares Outsize Revenue With State
- The city sends a disproportionate share of revenue to the state and receives less back.
- Mamdani argues that New York City's fiscal relationship with the state and wealthy residents must change.