New York City Mayor Zohran Mamdani announced a balanced budget for fiscal year 2027, closing a $12+ billion deficit that had been projected as one of the largest since the Great Recession. The closure relied on $4 billion in state aid from Gov. Hochul, a new luxury second-home tax, and efficiency measures — not property tax increases. Budget watchdogs flagged concern that some solutions may be temporary 'one-shots' rather than structural fixes.