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In the next mayor’s budget forecast, there’s good news first — and bad news later.
Mayor-elect Zohran Mamdani will be free to sidestep tough decisions when he presents his first budget a month after taking office.
That’s mostly because Wall Street is booming, on pace to see record profits of more than $60 billion this year. Lavish year-end bonuses will provide a boost to the city’s economy and to tax revenue.
But he will soon face a worsening economic picture. Local job growth in the last two years has been concentrated in low-paying health care jobs. Poverty has increased, and wages for most have not kept up with the cost of living — major themes in Mamdani’s winning message.
As the months go on, the city’s $116 billion budget will be squeezed as revenue likely slows in the local economy and massive federal aid cuts to Medicaid and SNAP food assistance force difficult choices.
And that’s before he begins to figure out how to deliver on promises, especially free buses and child care, that have an annual price tag in the billions of dollars.
Read more here about the outlook for Mamdani’s city budget.
Weather ☀️
Sunny, with a high near 50.
MTA 🚇
In the Bronx, Manhattan-bound 4 trains will skip 176 Street, Mt. Eden Avenue, 170 Street, 167 Street and 161 Street-Yankee Stadium. Find all the MTA’s planned changes and the latest delays here.
Within hours of his historic election-night win, the mayor-elect introduced the top members of his transition team. Four women who held top posts in the Adams, de Blasio and Bloomberg administrations were named to the transition team that will help map out Mamdani’s path to City Hall in just under two months.
Muslim New Yorkers who grew up here in the aftermath of Sept. 11 celebrated the rise of one of their own — and voters rejected a closing case that tried to tie Mamdani to an attack that happened when he was nine years old.
A new oversight report highlights the ongoing failures on Rikers Island to secure housing areas and respond to medical emergencies. The Board of Corrections report details five detainee deaths within the first three months of 2025.
THE CITY’s visual editor Ben Fractenberg joined the LIT NYC podcast this week to talk about street photography, photo journalism and a lot more ahead of his solo photography show, In Tension, opening this Friday from 6 to 9 p.m. at Gallery 198 in Brooklyn. Come on down!
Things To Do
Here are some free and low-cost things to do around the city this week.
Thursday, Nov. 6: Catch the NYC PIT Pop Up on its last day. It’s an immersive event where technology, art, science and community converge. Free demos take place from 2 to 6 p.m.
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