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(TikTok screencap)
To be fair, NYC has always had a balanced budget. It's literally required by law.
Though there's definitely been an increase of social services which is good.
Though I think it's a misrepresentation to say that money came from taxing rich people more. The bulk of it, if I'm not much mistaken, has been from some creative accounting with the NYC pension system.
And the city accountants last year over-estimated the number of employees they would have at the beginning of this financial year, so it turns out the city was planning to pay $1.3bn in salaries it realised didn’t exist.
Wait. So it's still bologna? Who could've guessed?
THANK YOU 👏👏
This is exactly what I meant when I was saying that people are overstating the impact of the pied-a-terre tax.
The budget was down 12 billion dollars.
The pied-a-terre tax brought in around 550 million.
The state gave the city around 8 billion.
Any citation? What I'm coming up with is a tax on 2nd homes in RI. https://nypost.com/2025/09/02/real-estate/the-taylor-swift-tax-is-catching-on-in-other-states/