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New York City Mayor Zohran Mamdani declared victory over capitalism this week, crediting socialist policies for erasing a $12 billion budget deficit he inherited in January.
What his announcement omitted: the city had received $5.5 billion in state bailout funds since he took office — money drawn from taxpayers across New York State, including working-class communities far outside the five boroughs.
The Numbers Behind the Claim Mamdani posted on X that his administration "balanced the budget by taxing the rich and making government more efficient," and that the city did not balance its books "on the backs of working people." The statement made no mention of the state transfers.
In January, New York State provided the city $1.5 billion as part of a multi-year rescue plan. In late May, another $4 billion arrived.
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