Posted on: February 17, 2026 02:00 PM

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Budget gap has two paths announced by the Mayor

NYC is facing so many budget needs to do this and that for the five boroughs. The Mayor shows many different numbers, one is $5.4 billion, another is $11 billion needed to make up for the migrant crisis after spending $10 billion since the last administration and $8 billion.

Today the Mayor announced two paths to fix the budget gap. One is to tax the wealthy and corporations and the other is to raise property taxes.

The two boroughs that will be the most affected from property taxes are Brooklyn and Queens. 42.1% is single family homes which are owner occupied according to the Dept of Finance and less than 5% of that is rentals. 17% of 3.7 million total housing units are single-family-roughly 630,000, most are in Queens and Brooklyn that will be affected by the property taxes. The suburban target is easy to raise property taxes by the Mayor.

The budget is passed by the legislature and signed into law by the Governor to meet the demand of taxpayers around the city and no one knows where it all goes.

The wealthy and corporations will file lawsuits against the government which will cost billions in taxpayer funds so the burden is passed to homeowners who are hostages unable to fight lawsuits costing time and money.

The seniors living in their homes will be the most affected.

A bipartisan government is what is needed in NY.

The word of wisdom is own nothing and be happy in the new NYC.