Comptroller Mark Levine said Mayor Zohran Mamdani’s plan to draw down $1.2 billion in reserves to balance the budget could make things even worse for taxpayers when it’s time to cook up next year’s spending plan. Levine also said the bond credit rating agencies issuing a “negative outlook” on the city’s finances — partly citing concerns about tapping into emergency reserves — is a warning sign that the mayor and City Council need to get the budget under control. As he testified during his recent budget testimony before the City Council, Levine said spending on the city’s rental assistance or housing voucher program has exploded and is expected to cost $2.6 billion next year.
Author: Carl Campanile
Published at: 2026-03-22 23:53:28
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