New York City's newly inaugurated mayor, Democratic Socialist Zohran Mamdani, revealed plans to increase taxes on "the richest New Yorkers" less than one month into his term, blaming former Mayor Eric Adams (D) for a budget shortfall.
On Thursday, Mamdani held a press conference to detail the "Adams Budget Crisis," claiming that the former mayor "misled and misinformed" New Yorkers about the "true state" of the city's finances.
"I will be blunt: New York City is facing a serious fiscal crisis. There is a massive fiscal deficit in our city's budget to the tune of at least $12 billion. We did not arrive at this place by accident. This crisis has a name and a chief architect," Mamdani said.
"This is the Adams Budget Crisis."
