Mamdani Budget Floats on Wall Street Cash as Momentum Grows for New Taxes

On November 11, 2026, New York City Mayor Zohran Mamdani was preparing a budget update as rising Wall Street-related tax revenue eased the city’s projected deficit. Gov. Kathy Hochul signaled openness to tax increases tied to universal childcare, while state legislative leaders supported raising taxes on wealthy New Yorkers.