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New York by the Numbers
May 14, 2026
Dear John, [[link removed]]
This week, Mayor Mamdani unveiled a $124 billion executive budget that avoids raiding the City’s reserves and is made possible, in no small part, because of additional assistance from the State, one-time measures and short-term pension savings. It replaces a broad and inequitable property tax increase with a targeted pied-à-terre surcharge.
The Mayor deserves credit for putting forward an Executive Budget that is a significant improvement over the February plan. But the proposal’s reliance on one-time measures reflects its failure to address a fundamental challenge: City government continues to spend more than we take in, even in a year of record revenues — a precarious position amid an increasingly unpredictable economic landscape
Throughout this process, my office has been fighting to ensure this budget meets the needs of New Yorkers—from being the first to raise the alarm [[link removed]] on the looming budget gap to our analysis of the financial implications of the pied-à-terre tax [[link removed]] and staffing vacancies [[link removed]] . Between now and June 30, it is important that we strengthen this budget further by reducing reliance on one-time actions and adding to reserves to ensure the City is prepared against potential fiscal shocks. That is what I’ll be fighting for in the weeks ahead.
Comptroller Levine Discuss FY27 Executive Budget on NY1
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Watch the Interview [[link removed]]
MAY UPDATE
Latest Economic and Fiscal Outlook
This month’s New York by the Numbers [[link removed]] highlights the impact that growing fiscal uncertainty and the ongoing war in Iran continue to have in our economy. Most notably, inflation is on the rise again, driven by surging energy prices, which in turn has contributed to a spike in prices for groceries, shelter, and air fares.
One month out from the World Cup, tourism has been fairly resilient—after a brief slump in February and March, hotel stays and Broadway theater attendance have picked up in recent weeks, and are almost on par with the robust levels at this time last year. However, advance hotel bookings related to the upcoming World Cup matches have fallen short of expectations, likely reflecting the ongoing decline in international visitors that has been emblematic of President Trump’s second term. [[link removed]]
On a positive note, City tax revenues this fiscal year have exceeded the forecasts made in last June’s Adopted Budget by $2.5 billion. Rush hour subway ridership from Manhattan’s Central Business District has also been trending up the past two years and vacancy rates in top-tier office buildings have come down substantially, suggesting a more bullish return-to-work economy than the flattening job numbers would indicate.
Read the Report [[link removed]]
We will continue to track the trends shaping NYC’s economy—and what they mean for New Yorkers.
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Mark Levine
New York City Comptroller
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Office of the New York City Comptroller
1 Centre Street, New York, NY 10007
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