NYC Mayor Mamdani Seeks Albany Approval for Tax Hikes on Wealthy

Mamdani appeals to state lawmakers for increased funding and tax increases on top earners to address city's budget deficit

Published on Feb. 11, 2026

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New York City Mayor Zohran Mamdani traveled to Albany on Wednesday for 'Tin Cup Day', seeking approval from state lawmakers for his agenda, which includes raising taxes on the wealthiest New Yorkers and businesses. Mamdani told lawmakers the city is facing a multi-billion dollar budget deficit, though he said updated revenue estimates have lowered the anticipated shortfall from $12 billion to $7 billion over two fiscal years.

Why it matters

As the largest city in New York state, the fiscal health of New York City has major implications for the entire state. Mamdani's push for increased state funding and higher taxes on the wealthy is part of an ongoing debate over how to address budget challenges facing the city, with potential impacts on the state's economy and political landscape.

The details

Mamdani argued that New York City 'contributes 54.5% of state revenue, but only receives 40.5% in return', insisting the city deserves more funding from Albany. However, some upstate lawmakers pushed back, noting that other struggling communities across the state also need support. Mamdani said he still wants a 2% tax increase on the wealthiest New Yorkers, despite resistance from Governor Kathy Hochul, who is reluctant to raise taxes in an election year.

  • Mamdani traveled to Albany on Wednesday for 'Tin Cup Day'.
  • Two weeks ago, Mamdani had initially said there would be a $12 billion budget gap over two years.

The players

Zohran Mamdani

The mayor of New York City, seeking approval from state lawmakers for his agenda, including tax increases on the wealthy.

Kathy Hochul

The governor of New York, who is reluctant to raise taxes in an election year.

Patrick Burke

An Assemblymember who argued that other struggling communities across the state also need support, not just New York City.

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What they’re saying

“No one gives more and gets less in return than New York City. New York City contributes 54.5% of state revenue, but only receives 40.5% in return.”

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

“For people in other communities that are struggling mightily, for the city of Buffalo that's struggling mightily. It's a place like Dunkirk that has given everything they've got. And no one's coming to save them because they're small and they don't have any power.”

— Patrick Burke, Assemblymember (cbsnews.com)

What’s next

Governor Hochul will need to decide whether to support Mamdani's proposed tax increases on the wealthy as part of the state budget negotiations.

The takeaway

Mamdani's push for increased state funding and higher taxes on the wealthy highlights the ongoing tensions between New York City and the rest of the state, as the city seeks a larger share of resources to address its fiscal challenges. The outcome of this debate could have significant implications for the state's economic and political landscape.