Well, that didn’t take long.
Zohran Mamdani hasn’t even completed his first executive budget as New York City mayor, and he’s already got his hand out. The self-described democratic socialist swept into office promising a new utopia — and almost immediately delivered a fiscal crisis requiring a state bailout. Margaret Thatcher warned us about exactly this. Sooner or later, socialists run out of other people’s money. In Mamdani’s case, it took no time at all.
The mayor announced Tuesday that he’s pushing back the deadline for his first executive budget — originally due Friday — to at least May 12. Standing alongside City Council Speaker Julie Menin, Mamdani framed the delay as a reasonable response to uncertainty in Albany. In other words, he’s waiting to find out if Albany will bail him out over his $5.4 billion budget gap.
WARMTH OF COLLECTIVISM UPDATE: Mayor Zohran Mamdani declares a “budget crisis,” asks for a bailout from the state government, and pushes back his deadline for completing the city budget at least 10 days:
“We cannot close this deficit with savings alone. We need new revenue, and… pic.twitter.com/KR0FD5YqbE
— Breitbart News (@BreitbartNews) April 28, 2026
“This adjustment reflects a very simple reality,” Menin said. “New York state has not finalized its budget, and until they do so, we do not have the necessary clarity to responsibly complete the city’s budget.”
If they’re expecting a bailout, I wouldn’t count on it.
Gov. Kathy Hochul’s spokesperson fired back with a statement that was, by Albany standards, refreshingly blunt. “The mayor and City Council need to work together, identify savings, and close the remaining gap.”
ICYMI: Iran Is in a ‘Death Spiral’ and Time Is Running Out
Here’s what makes the optics especially rich. Just weeks ago, Mamdani posted a video bragging about how he was taxing the rich and how it was going to be a huge boon for the city.
Happy Tax Day, New York. We’re taxing the rich. pic.twitter.com/Wky2LFXC9W
— Mayor Zohran Kwame Mamdani (@NYCMayor) April 15, 2026
The message was clear: Tax the rich, fund the city, problem solved. Now he’s warning that without state intervention, he may have to raise property taxes on regular New Yorkers to close the shortfall.
Mamdani and Menin are pushing Hochul to scale back the state’s Pass-Through Entity Tax Credit, arguing that it functions as a loophole for the ultra-wealthy. “More than 95% of PTET credits go to those making more than $1 million a year,” Mamdani said. “More than 80% go to those making more than $5 million a year.” He estimates adjusting PTET could bring in around $1 billion in revenue — which still leaves roughly $4 billion-plus of the problem unsolved. Menin, hedging carefully, wants any PTET change to be temporary rather than permanent. Even she seems to sense this isn’t a long-term strategy.
Mamdani is also dusting off the familiar grievance that New York City sends more money to the state than it gets back — a claim some Albany lawmakers dispute. It’s a convenient argument when you need someone else to bail you out.
This is socialism. Nothing is surprising about this. Conservatives have been saying this is what New York City was destined for if it elected Mamdani. We didn’t have a crystal ball; we just had common sense and history on our side. Now, Mamdani is learning in real time what every socialist eventually discovers. There’s always a bill, and eventually you run out of millionaires to hand it to.
Editor’s Note: New York City is now facing the consequences of Mayor Zohran Mamdani’s socialist takeover.
Help us continue to report on his radical policies and expose the Democrats who support him. Join PJ Media VIP and use promo code FIGHT to receive 60% off your membership.
