Mayor attributes fiscal deficit to underbudgeting and mismanagement, proposes wealth tax as primary solution Mayor Zohran Mamdani confronted an immediate fiscal emergency upon taking office when budget analysts confirmed that New York City faces a twelve billion dollar deficit across fiscal years 2026 and 2027, the largest budgetary gap since the Great Recession in 2008. The newly inaugurated mayor attributed the crisis entirely to his predecessor Eric Adams, claiming the former mayor systematically underbudgeted essential services including rental assistance, shelter operations, and special education while deliberately concealing the true scope of projected costs. The Underbudgeting Scandal Mamdani detailed patterns of intentional fiscal mismanagement in an January 28 press conference, revealing that Adams had budgeted eight hundred sixty million dollars for cash assistance in fiscal year 2026 despite current projections indicating costs approaching one point seven billion dollars, nearly doubling the appropriated amount. Similar disparities emerged across multiple programs, with shelter…