Zoran Mamdani

And we know that for far too long, New Yorkers have given far more to the state than what we have received in return.

It is time to end the drain.

If we cannot follow this first path, we will be forced onto a much more damaging path of last resort, one where we have to use the only tools at the city's disposal, raising property taxes and raiding our reserves.

This second path is painful.

We will continue to work with Albany to avoid it.

This first path will deliver the structural change that we need to recalibrate the relationship between the city and the state,

Because as we know, New Yorkers contribute 54.5% of state revenue, but receive only 40.5% back.

At the same time, New York City's portion of the state's GDP has grown by nearly 10% since 2010.

That imbalance is untenable.

Once again, I'm calling for Albany to end the drain.

There is no third option of failing to balance the budget.

By law, ever since the fiscal crisis of the 1970s, which placed the city on the brink of bankruptcy, New York City has been legally required to balance its budget.

We will do so.

If we cannot pursue the first half, the only option we have remaining is the second path.

At the heart of this path is a property tax increase.

This would effectively be a tax on working and middle class New Yorkers who have a median income of $122,000.

The second path also requires us to raid our reserves.

It would mean withdrawing $980 million from our city's rainy day fund in fiscal year 2026 and $229 million from the retiree health benefit trust in fiscal year 2027.

We remain firmly within a budget crisis.

It is a crisis that we can and will overcome.