New York City Mayor Zohran Mamdani reached a handshake agreement with City Council Speaker Julie Menin regarding the $126 billion budget on Tuesday, hours before the city’s next fiscal year starts.The socialist mayor cast the deal as a major step toward solving the city’s budget crisis, with the deficit having been expected to reach $12 billion over the next two years. However, the proposal doesn’t include some of his costly campaign promises.Mamdani and Menin agreed to allocate $300 million over two years for an expanded housing voucher program at the Department of Housing Preservation and Development, with $175 million set aside for the upcoming fiscal year. Mamdani did not campaign on a specific dollar amount for the program last year, but he planned to implement a bill passed by the council that would have greatly expanded eligibility.
Mamdani reaches budget agreement omitting costly campaign promises
An expanded housing voucher program received $300 million over two years, a lower amount than what was expected of the socialist mayor.
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