NYC Mayor Mamdani Blames Predecessors for $12B Budget Crisis

Mamdani accuses former Mayor Adams and ex-Governor Cuomo of mismanagement and underfunding.

Jan. 28, 2026 at 7:07pm

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New York City Mayor Zohran Mamdani is calling out former Mayor Eric Adams and ex-Governor Andrew Cuomo, accusing them of leaving behind a staggering $12 billion budget crisis. Mamdani says a review of city finances found that Adams deliberately underbudgeted while Cuomo siphoned off city resources and failed to deliver money the city was owed, putting New York in its current fiscal bind.

Why it matters

The budget crisis threatens to impact vital city services and programs, making Mamdani's proposed solutions of raising taxes on the wealthy and corporations a politically charged issue as he tries to stabilize the city's finances.

The details

Mamdani says the combined decisions of Adams and Cuomo have put New York City in a dire financial situation. He plans to confront the shortfall head-on by renewing his push to raise taxes on the city's wealthiest residents and most profitable corporations, and will press state lawmakers in Albany to approve higher taxes on the rich as part of the solution.

  • The budget crisis was uncovered in a review of city finances by Mamdani's administration.

The players

Zohran Mamdani

The current mayor of New York City who is addressing the city's $12 billion budget crisis.

Eric Adams

The former mayor of New York City, whom Mamdani is accusing of deliberately underbudgeting.

Andrew Cuomo

The former governor of New York, whom Mamdani is accusing of siphoning off city resources and failing to deliver money the city was owed.

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What they’re saying

“We must confront this crisis head-on and make the tough decisions necessary to put our city on a sustainable financial footing.”

— Zohran Mamdani, Mayor of New York City (wabcradio.com)

What’s next

Mamdani plans to press state lawmakers in Albany to approve higher taxes on the wealthy as part of the solution to the budget crisis.

The takeaway

Mamdani is taking an aggressive approach to addressing the city's fiscal challenges, placing blame on his predecessors and proposing tax hikes on the rich as a key part of his strategy to stabilize New York's finances.