NYC faces $12B budget deficit, drawing comparison to 2008 financial crisis – as Zohran Mamdani uses dire forecast to push taxing the rich

The Big Apple was in the red — even before the socialist takeover.

New York City is facing a mammoth $12 billion budget deficit in the next two years, new City Comptroller Mark Levine warned Friday — grimly comparing the outlook to the 2008 financial crisis.

Mayor Zohran Mamdani quickly used the dire forecast to push to his “tax the rich” dream, despite the comptroller’s numbers showing that spending is the problem, not the city’s revenue.

The city’s mid-year budget gap for the 2026 fiscal year ending in June is an “extremely unusual” $2.2 billion, Levine said.

https://nypost.com/2026/01/16/us-news/nyc-faces-12b-budget-deficit-not-seen-since-2008-financial-crisis-new-comptroller-warns-as-mamdani-uses-dire-forecast-to-push-taxing-the-rich/