Mamdani Budget Faces Skeptics Over Wall Street Bets and Tax Hikes

New York City Mayor Mamdani’s $127B budget leans on a Wall Street revenue boost, reserve draws, and a broad property tax hike, but critics from the IBO and Comptroller Levine warn that betting on ongoing Wall Street gains is risky and reserves shouldn’t be tapped; Moody’s has outlooked the city negative, signaling pressure to close gaps as Albany debates tax proposals and a tax reform push to address an unfair property tax system that would likely burden renters.