Source: New York Post
by John Ketcham
“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. According to state Comptroller Tom DiNapoli, the securities industry contributes 42.3% of the city’s personal-income tax and 8.4% of its total tax revenue.” (02/22/26)