Statement in Response to Final Budget Deal

In response to the final state budget revenue package passed by the Assembly and Senate, Invest in Our New York campaign manager Brahvan Ranga released the following statement: 

“In finalizing a 2027 budget that largely avoids taxing the ultra-rich, Gov. Hochul hung New Yorkers out to dry yet again — siding with her billionaire donors instead of working-class people. The final budget does nothing to fill the enormous federal cuts that will strip 1 million New Yorkers of their healthcare (including 460,000 who will lose their Essential Plan coverage on July 1) and endanger 200,000 people’s SNAP benefits. It also does not fund truly universal childcare statewide with living wages for workers or provide the revenue necessary to address the soaring cost of living, or tackle our state’s affordable housing crisis. 

The pied-à-terre tax on luxury second homes in New York City – which was secured only because of the immense pressure our movement built – does not go nearly far enough. Whether it raises $500 million or, as the New York City Comptroller projects, $340 million, this is nowhere near enough to sustainably address the city’s budget crisis, nor does it include a dime for the rest of the state. Furthermore, it does not provide Mayor Mamdani the funding he needs to enact the full breadth of his wildly popular affordability agenda. 

“The Invest in Our New York coalition and our allies built an immensely powerful campaign during this budget cycle - the pied-à-terre tax and municipal funding measures in this final budget are a testament to that. Our calls to tax the ultra-rich and most profitable corporations garnered the support of nearly one hundred local elected officials, the support of the state Assembly and Senate, which included elements of our platform in their one house budgets, unions representing 300,000 workers, and thousands of New Yorkers who mobilized to Albany to call for the ultra-rich and most profitable corporations to pay what they owe in taxes. Our efforts are backed by a supermajority of New York voters, including New York City voters, who elected Mayor Mamdani to enact his campaign promise to tax the rich and make NYC more affordable. 

“In this year’s budget, Governor Hochul failed to do what is necessary to stand up to federal attacks. She failed to deliver the new, progressive revenue needed to address the affordability crisis. She failed to stand with the majority of her constituents, New York unions, the Senate and Assembly, and local elected officials. But the inclusion of the pied-à-terre tax shows that she is responsive to the pressure we have built - and we will be back next year to win billions of dollars to transform our state to one that works for working people, not just billionaires.” 

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