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Mamdani balanced the NYC budget (lemmy.zip)

submitted 6 days ago by favoredponcho@lemmy.zip to c/progressivepolitics@lemmy.world

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[–] humanamerican@lemmy.zip 31 points 6 days ago* (last edited 6 days ago) (3 children)

Most of the $12 billion was a bailout from the state according to the video.

[–] sunstoned@lemmus.org 25 points 6 days ago* (last edited 6 days ago) (1 children)

The article linked above seems to roughly agree:

$6.5B state aid + school funding / life insurance payout shifts to state responsibility
$2.8B from the city via delayed pensions + taxes on second homes valued >$5M

Earlier this year, Ms. Hochul committed $1.5 billion in state aid for a host of municipal services. The state budget, which has not yet been finalized, is also expected to include a host of policy changes and revenue increases that will funnel another $4 billion to the city over the next two years.

The largest share — about $2.3 billion over two years — is expected to come from the city’s delaying certain pension payments, a change that requires state approval and buy-in from municipal unions.

The mayor and governor also expect another half-billion dollars to flow from the new tax surcharge on second homes worth more than $5 million that Ms. Hochul recently announced. But the city comptroller recently argued that number might be overly optimistic, and New York City’s byzantine property valuation system means that the new tax would come with substantial implementation challenges.

The city is expected to save another $1 billion over two years from several changes, including the state’s expected agreement to delay a class-size mandate in public schools (despite Mr. Mamdani’s support for the mandate as a candidate); more school aid from the state; and the assumption by the state of a larger share of death benefits for families of police officers, firefighters and emergency medical workers.

[–] how_we_burned@lemmy.zip 20 points 5 days ago* (last edited 5 days ago) (2 children)

I bet most of the pension changes are probably for NYPD members.

The NYPD pension provides retirement benefits based on years of service, salary history, and plan type, with average full-career retiree pensions exceeding $100,000 annually

Holy fuck

They get a over $100k USD pension, wtf.

[–] Blackmist@feddit.uk 19 points 5 days ago

Well, they need that to stop them being corrupt.

I mean, it hasn't worked so far, but it might.

[–] FlexibleToast@lemmy.world 5 points 5 days ago

That should be a normal thing not a crazy thing.

[–] MartianRecon@lemmus.org 4 points 5 days ago (1 children)

How is it a 'bail out' when NYC is the engine of the entire state and receives far less money per capita than other parts of the state do?

[–] humanamerican@lemmy.zip 2 points 5 days ago (1 children)

All I meant was that NYC didnt close the gap just by increasing revenue and decreasing expenses on their own. I intended no shade.

[–] MartianRecon@lemmus.org 1 points 5 days ago

Oh I didn't take it as shade <3