The move is meant to address the $12 billion budget deficit passed down by former New York Mayor Eric Adams, according to his progressive successor, who directly blamed Adams for the city’s “serious fiscal crisis.”“The Adams administration dramatically and intentionally understated the problem. The budget gaps are twice as high year after year,” Mamdani said at a press conference. “Notably, Mayor Adams underestimated known budget expenses so he could show fiscal year 2026 was balanced. Kathy Hochul (D-NY) recently broke with Mamdani on the matter when she announced New York’s $260 billion budget, which did not include an income tax hike. On Wednesday, Mamdani said he would work closely with Hochul and state legislature leaders to balance the city’s budget deficit.