New York City Mayor Zohran Mamdani reached a budget agreement with City Council Speaker Julie Menin on June 30, 2026, regarding a $126 billion budget, just hours before the start of the city's next fiscal year. The agreement aims to address a projected $12 billion budget deficit over the next two years but does not include some of Mamdani's campaign promises.
The budget allocates $300 million over two years for an expanded housing voucher program, with $175 million designated for the upcoming fiscal year. This amount is lower than the $1 billion estimated for a broader expansion and also falls short of the $500 million that housing advocates had requested.
Mamdani has adjusted his proposals since taking office, scaling back on ambitious plans like fully expanded housing vouchers due to financial constraints. The budget also includes provisions for adding 340,000 low-income New Yorkers to a public transit discount program, although it does not incorporate an automatic enrollment proposal from Menin.
Mamdani maintained the New York Police Department's headcount, which was initially a campaign promise, but he had previously supported a plan to increase the force by 580 officers. Following backlash from the Democratic Socialists of America, a key supporter, he reneged on that support.
Both Mamdani and Menin expressed satisfaction with the budget agreement, emphasizing the balance between fiscal responsibility and community investment. Governor Kathy Hochul contributed to stabilizing the budget by providing over $4 billion in state aid and savings over the next two years, though neither Mamdani nor Menin acknowledged her during their press conference. The City Council is expected to vote on the budget before the midnight deadline.