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Mamdani: NYC Relationship With Wealthy Residents Has To Change - Balance of Power
Jan 29, 2026
New York Mayor Zohran Mamdani (D) sits down with Bloomberg's Myles Miller and discusses his plans for the city as mayor.
Mamdani is amping up pressure on Governor Kathy Hochul to hike taxes for the richest residents and corporations, asking the state to send billions more in aid to New York City as he faces mounting budget holes.
Mamdani, the newly-sworn in democratic socialist, is arguing additional money from the state is necessary because the city faces a fiscal “crisis” created by his predecessor Eric Adams and by a push from former Governor Andrew Cuomo to shift costs from the state onto the city. Both Cuomo and Adams ran against Mamdani in last year’s mayoral election. Over two years, New York is staring down a $12.6 billion budget gap, facing what Mamdani has described as the largest deficit since the Great Recession in 2008. Mandami said the city's relationship with corporations and wealthy residents has to change especially in regards to taxes.
New York Mayor Zohran Mamdani (D) sits down with Bloomberg's Myles Miller and discusses his plans for the city as mayor.
Mamdani is amping up pressure on Governor Kathy Hochul to hike taxes for the richest residents and corporations, asking the state to send billions more in aid to New York City as he faces mounting budget holes.
Mamdani, the newly-sworn in democratic socialist, is arguing additional money from the state is necessary because the city faces a fiscal “crisis” created by his predecessor Eric Adams and by a push from former Governor Andrew Cuomo to shift costs from the state onto the city. Both Cuomo and Adams ran against Mamdani in last year’s mayoral election. Over two years, New York is staring down a $12.6 billion budget gap, facing what Mamdani has described as the largest deficit since the Great Recession in 2008. Mandami said the city's relationship with corporations and wealthy residents has to change especially in regards to taxes.