NYC Mayor Zohran Mamdani released the Fiscal Year (FY) 2027 Preliminary Budget on Tuesday, Feb. 17, outlining the scope of what was described as a fiscal crisis he said he inherited from the prior administration. The mayor presented two paths forward to balance the budget (a legal requirement): raise revenue from the wealthiest New Yorkers and most profitable corporations and end the drain of City resources to the State, or have working and middle-class New Yorkers fund the gap.