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In a press conference on Wednesday, New York City Mayor Zohran Mamdani announced that the city faced a $12 billion budget shortfall over the next two fiscal years. Mamdami largely blamed former Mayor Eric Adams for chronically underbudgeting essential services. Adams swiftly pushed back on social media, arguing that his administration left $8 billion in reserves. The clash came less than two weeks after Adams launched a meme coin that caused over 60% of traders to lose money. Sponsored Sponsored Mamdani Blames Adams for Fiscal Crisis In preparation for Fiscal Years 2026 and 2027, Mamdani’s office held a press conference to discuss what it called the “Adams’ Budget Crisis.” At its core, the message emphasized the city’s tight fiscal constraints in the coming years. Mamdani placed responsibility on Adams, arguing that the crisis stemmed from a long-standing pattern of underfunding essential services, including rental assistance, shelter operations, and special education. “That imbalance has hollowed out our city’s finances and left us with a chasm that can no longer be sustained,” Mamdani said. He added that the fiscal crisis represented a scale greater than the Great Recession.  Mamdani provided specific examples. According to the Mayor’s office, for Fiscal Year 2026, Adams budgeted $860 million for cash assistance, though current projections indicate the costs to be nearly $1.7 billion. “Knowing his time in office was likely coming to an end, Mayor Adams chose political self-preservation over fiscal responsibility. This is not just bad governance. It is negligence,” he said. The Mayor also criticized former Governor Andrew Cuomo for systemically draining money from New York City. Mamdani cited a recent report by the CUNY Institute for State and Local Governance.  Funds flow between New York City and New York State in 2022. Source: NYC Mayor’s Office. Sponsored Sponsored According to the report, between…

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Filed under: News - @ January 29, 2026 8:24 pm