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#new Zohran Mamdani says the city is having a budget crisis, needs more taxes for revenue and won't be able to give out all the free stuff he promised. #newyork “We cannot close this deficit with savings alone. We need new revenue. And we need [a] structural reset in our relationship with [the] state.” “Call on Albany to deliver additional revenue.”Critics say that Mamdani just got a crash course in the fact that you can't spend other people's money and expect them to stick around. #newyorkcity Four months into his term the Ugandan-born Democrat socialist all but admitted that his progressive spending spree has hit the wall. He said the city's $127 budget deadline has been moved out the 12th, and is asking the state for a bailout to help with his $5.4 billion gap - meaning he wants Gov. Hochul to raise state taxes. "New York City faces a budget crisis of an historic magnitude. We inherited a deficit larger than any since the Great Recession""We cannot close this deficit with savings alone. We need new revenue. And we need structure reset in our relationship with the state". 'That is the only way to meet our legal obligation to pass a balanced budget and do so without imposing a financial burden onto the backs of working people.""I'm glad to partner with Speaker Menon as we call upon Albany and deliver a balanced budget. Together we are extending the executive budget deadline from this coming Friday until May 12th because a crisis at this scale cannot be solved without state action."Mamdani specifically wants the state to tweak the Pass-Through Entity Tax (PTET) credit to generate about $1 billion in new city revenue, plus more direct municipal aid.Governor Kathy Hochul has already shot down the PTET change and told the city to cut spending instead.New York City is a sanctuary city that has spent tens of billions housing and servicing illegal migrants. Shelter costs alone are $3–4 billion a year, with some units costing almost $10,000 per month even when empty. Even so, Mamdani wants to delay smaller classroom sizes and cut housing vouchers to save $2.7 billion - but hasn't mentioned anything about illegal migrant costs. The state budget is also late.Republicans say this is the predictable collapse of socialist promises. Mamdani ran on taxing the rich, free child care, free buses, and expanding every social program in the city. But he can't deliver without asking the state to raise taxes or hiking taxes on working New Yorkers. Plus, business and the wealthy are leaving the state in droves because of Mamdani's tax the rich plans. He also plans on adding a 9.5% Property tax hike, and service cuts are coming. Republicans say you can't pay for “free” illegal migrant hotels, phones, housing vouchers, and endless entitlements when the tax base is shrinking. “Socialism doesn’t work because numbers are real.” #ChristinaAguayoNews