Andrew Perry is the Director of Fiscal Research at the Fiscal Policy Institute, an independent, nonpartisan, nonprofit think tank founded in 1991 that advances sound and equitable fiscal policy to strengthen New York’s economy.

November 13, 2025

Analysis

Mamdani’s First Budget

Image and reality of New York City’s finances

New York City lends itself to superlatives. The largest local government in the US by a wide margin, the City spends more each year than the next ten largest city governments combined; its $121 billion dwarfs Los Angeles’s $19 billion,…