NYC Mayor Zohran Mamdani announced on May 12 that he balanced the city's $124.7 billion fiscal 2027 budget without raising property taxes, closing a deficit that exceeded $12 billion. The balanced budget relies on $4 billion in new state aid from Gov. Hochul, a new tax on luxury goods, and service-level adjustments — not property tax increases or cutting core services. This is a major political win for Mamdani, who faced one of the largest budget gaps since the Great Recession, and signals a shift in how New York City addresses fiscal crises through progressive revenue tools rather than homeowner burden.