# NYC poised to get $1 billion in extra tax revenue thanks to tech-fueled gains on Wall Street: Mamdani

- URL: https://talkfuse.com/story/nyc-poised-to-get-1-billion-in-extra-tax-revenue-thanks-to-tech-fueled-gains-on-wall-street-mamdani/
- Published: 2026-11-12T23:03:28+00:00
- Updated: 2026-11-12T23:22:28+00:00
- Original publisher: New York Post (publisher lean: Right)
- Original article: https://nypost.com/2026/11/12/business/nyc-poised-to-get-1-billion-in-extra-tax-revenue-thanks-to-tech-fueled-gains-on-wall-street-mamdani/
- Topics: World

## Key points

- Wall Street gains are expected to add $956 million to city tax revenue.
- New York still faces a projected $8.96 billion deficit by 2030.
- The comptroller warned AI-related job losses could reduce revenue.

## Summary

New York City expects to collect $956 million more in tax revenue than Mayor Zohran Mamdani had forecast, as technology-led gains on Wall Street lift markets and anticipated banker bonuses. The extra income could help fund his proposed expansion of universal childcare, but the revised forecast still shows large deficits ahead.

The city’s updated fiscal 2027 budget is $129.2 billion, with a projected $6.18 billion shortfall in 2028 rising to $8.96 billion by 2030. Comptroller Mark Levine warned that an AI-driven loss of mid-level banking jobs could cut city tax revenue by $3.4 billion. The forecast also cites rising costs, including $1.9 billion for rental assistance last year and city employee compensation expected to reach $65.5 billion by 2030.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.