
Mayor Eric Adams of New York City unveiled the preliminary budget for Fiscal Year 2026, emphasizing public safety, affordability, and education with the goal of making the city a prime location for family life. The FY26 budget stands at $114.5 billion, with future projected gaps decreasing over the next three years, showcasing what Mayor Adams calls strong fiscal management and the fruits of a robust economy. "Our administration set the table for success by saving billions in taxpayer dollars, and now we are able to ensure the continuity of critical programs, as well as make the new, strategic investments that will move our city forward and improve quality of life for all New Yorkers without cutting services, laying off city employees, or raising taxes by a single penny," Adams stated, according to the official announcement.
Key investments include bolstering safety measures with additional Safe Haven beds and a “Bridge to Home” pilot for homeless New Yorkers with severe mental illness. The economy’s performance, especially in sectors like business taxes fueled by a strong 2024 Wall Street showing expected to continue into the next year, has allowed the city to remain committed to no layoffs or taxes raised, said Mayor Adams. The budget also forecasts a total of $3.4 billion in savings for FY25 and FY26 and holds $8.5 billion in reserves against unforeseen events.
To address the housing crisis and create a more family-friendly cityscape, the "City of Yes for Housing Opportunity" legislation aims to build 80,000 new homes over the next 15 years. Adams' administration also reported successes in managing the costs associated with the city's asylum seekers, indicating that the combination of federal and city policies has led to sustained decreases in the population requiring shelter.
In terms of investing in the future, the FY26 budget promises substantial allocations to education, including the continued support of the Summer Rising program and expanding Pathways, a career readiness program for students. The Adams administration is also looking to tackle affordability by proposing the "Axe the Tax for the Working Class" initiative, aiming to deliver tangible tax relief to New York’s working families. Additionally, the budget encompasses funding for public safety improvements, infrastructure upgrades, including significant investments in roads, bridges, and a $170 billion 10-year Capital Plan touted as the largest in city history.
With these financial strategies and investments, New York City’s government seeks to solidify the city's standing as a safe, affordable, and nurturing environment for families. As the budget is implemented, residents will see advancements in the city's infrastructure, access to housing, and enhanced social services, all while maintaining strong fiscal health and aiming for a sustainable future.