Wall Street Bonuses Help Shrink NYC Budget Gap by $5 Billion (1)

Wall Street bonuses and an aggressive savings plan have helped shrink New York City’s expected two-year budget gap by roughly $5 billion, according to Mayor Zohran Mamdani.

“I’m glad to report that by assuming an aggressive posture on savings without compromising city services, incorporating updated revenue and bonus estimates, and using in-year reserves, we have lowered that $12 billion gap to $7 billion,” Mamdani said Wednesday in an address to lawmakers in Albany.

New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul, right.

Photographer: Spencer Platt/Getty Images

The new deficit estimate marks a major shift as Mamdani prepares to present his administration’s first budget later this month. Earlier this year, Mamdani painted ...