New York City Mayor Zohran Mamdani and the City Council on Tuesday reached a preliminary handshake deal on a $125.8 billion Fiscal Year 2027 budget.
The budget includes an expansion of the CityFHEPS program, a rental assistance initiative that can possibly reach an additional 30,000 New Yorkers pay their rent.
In addition, the budget includes $54 million to expand the Fair Fares program, which is on top of the $120.6 million previously allocated to the transit program. Eligibility will increase to 200% of the federal poverty level, up from 150% — the largest increase since the program began. An additional 340,000 low-income residents will soon have access to half-price subway, bus, and paratransit fares, raising total eligibility to approximately 1.3 million New Yorkers. The budget also includes $700,000 for a pilot program to provide OMNY Cards to CUNY students and additional funding for current programs which provide similar support.
"We balanced this budget without resorting to austerity," Mamdani said in a statement. "We protected the services New Yorkers rely on, while restoring honesty to the city’s finances. We accelerated the affordability agenda by investing in housing, mental health services, parks, libraries and students of all ages."
The budget also includes funds for the city to create a public, online portal that will house documents from across city government related to post-9/11 air quality and health risks. The first batch of records will be released before the 25th anniversary of Sept. 11, with additional documents added on a rolling basis, officials said.
“With this budget, the [City] Council proved that we could responsibly manage the city’s finances while making transformative investments that lower costs for working families, prevent homelessness, expand opportunity for children, and strengthen the services New Yorkers rely on every day,” said City Council Speaker Julie Menin.
The budget deal also includes $79.1 million to fully restore funding for parks, libraries, and cultural institutions; $86.4 million in funding for a range of services to support immigration legal services providers; and an additional $5000,000 in funding to support the Homeowner Help Desk which, in partnership with the Center for New York City Neighborhoods, which provides support to NYC homeowners at risk of displacement, including technical assistance, financial and legal counseling.
