New York City Mayor Eric Adams on Friday took aim at lawmakers asking him to add more money to the city's rainy day fund in his fiscal year 2026 executive budget proposal.
Adams, who spoke on Friday at Gracie Mansion to reporters from ethnic media companies, revealed a $115.1 billion FY2026 budget on Thursday, which includes funding for school nurses, universal after-school, 3,700 new teachers and more.
The budget drew criticism over the fact that it doesn’t mention contingencies if the Trump Administration cuts federal funding for programs New Yorkers rely on. City Comptroller Brad Lander, who handles the city’s finances and is running for mayor, called Adams' budget a “fantasyland where Trump’s tariffs aren’t increasing the likelihood of an economic downturn and federal budget cuts aren’t looming.”
“Why are Brad and other elected officials quiet on the fact that we didn't get a billion dollars from Albany,” said Adams, referencing the $1 billion cuts to asylum seeker programs in the proposed state-wide budget.
The mayor said he would fight “no matter who's in charge” at the state and federal level for money allocated to New York City, citing the city's lawsuit against the Trump Administration after they clawed back $80 million allocated to the city through the Federal Emergency Management Agency (FEMA).
He also said New York City’s high credit rating is proof the city has enough funds.
“I'd rather listen to the bond ratings [agencies] than those who are running around just shooting from the hip,” Adams said. “They probably never even took an economics class before, but they're going to tell us how to manage the budget.”
Adams meanwhile acknowledged concerns about possible decreased revenue from tourism as travellers boycott the U.S., but said “our tourism will come back.”
The mayor was also critical of the plan to close Rikers Island, saying the borough-based jails don’t have the same capacity as Rikers. It was reported later in the day by the New York Daily News that Adams is considering turning the borough-based jails into housing.
Adams also took shots at the Rent Guidelines Board, which sets the rent for rent-stabilized homes. The board's preliminary vote on Thursday indicated that rent would increase between 1.75-4.75% for-one year leases and 4.75-7.75% for two-year leases. Adams said the 7.75% increase was “far too high” but said they should “find a sweet spot.”
“Because those who are saying there should be no increase at all—they're forgetting Mr. Jones and Mrs. Jones who have a 14-unit building,” Adams said. “You’re telling them, you can get no increase, but you have to deal with the increasing costs.”
