Mayor-elect Zohran Mamdani will have to fill a massive $6.5 billion budget gap by next summer, according to a blistering new report from the Independent Budget Office.
The big budget hole comes on top of figuring out how to pay for up to $10 billion in new spending if he implements his freebie-filled agenda.
The harrowing financial projection shows that the multi-billion dollar hole could grow to $8.4 billion by 2028 and could get worse if the city crosses President Trump and he pulls back some of the $8.6 billion the city gets in federal funds.
The Adams administration estimates smaller budget holes — with a $4.7 billion gap in 2027 and a $6.3 billion gap in 2028 through 2029.
The IBO’s report comes just a day after outgoing comptroller and Mamdani endorsed congressional candidate Brad Lander released a report that also found that the city was billions of dollars in the red.
“We have to take these estimates very seriously and we have to plan for every possible fiscal reality,” Mamdani said at a press conference when asked about the comptroller’s report.
“And I’m looking forward to having a budget process that is honest as opposed to one that is more characterized as if it is a gain.”
The mayor-elect also noted he would commit to raising the library budget across all three branches by half a percent as laid out in his campaign plan, despite the looming gaps.
“We’re not going to be doing a dance around things that are critically important to New Yorkers,” he said.
“If there is something that we believe in, we will make that clear in our own preliminary, and we will be making announcements soon on our approach to the budget at large.”
Veteran democratic strategist Hank Sheinkopf said the budget reports are damning for the Mamdani agenda and are going to leave holes in his financial plans.
“It’s his first test. He can’t do everything he wants. He has no money to do anything he’s talked about,” Sheinkopf said.
“He’s going to have to cut – he can’t add.”
The Post reached out to a spokesperson for Adams for comment, but the spokesperson pointed back to the same prepared statement it issued in response to the comptroller’s report.
That statement highlighted positive bond ratings from outside agencies, which are often viewed as measures of a municipality’s fiscal health.
“It’s clear that we are leaving the next administration with a strong foundation for success,” the spokesperson said.
