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New York City is ‘$9 Billion in the Hole,’ Mayor Says

Mayor Bill de Blasio said the city is predicted to lose $9 billion in tax revenue between the remainder of this fiscal year and next (Michael Appleton/ Mayoral Photography Office)

May 27, 2020 By Allie Griffin

New York City faces a whopping $9 billion deficit due to the economic fallout of the coronavirus, Mayor Bill de Blasio announced today.

The budget hole was originally estimated to be around $7.4 billion through to June 30, 2021 — but has widened by another $1.6 billion, the mayor said.

“We are now $9 billion in the hole between the current fiscal year and the one that begins July 1,” de Blasio said at City Hall.

The city’s fiscal year begins July 1 and the city council and mayor must pass a 2021 budget by the end of June.

The city is on a time crunch to either make additional budget cuts or find others sources of funds– such as tapping into its reserves or borrowing money. All options are on the table.

“There is literally no way we can solve this problem without federal help or without having to make very very painful choices that will affect the quality of life in this city, our ability to provide basic services and how many people we’re able to employ,” de Blasio said.

He warned that without federal help, the loss of revenue would continue into the next fiscal year and beyond.

An economic relief package that would provide $17.2 billion to New York City has passed the House of Representatives — but has met fierce resistance from the Republican-controlled Senate.

De Blasio urged Congress to pass the package of bills named the HEROES Act.

However, if the federal government doesn’t provide relief, he said New York City could borrow the funds as a last resort.

He is calling on the state to grant the city borrowing power as a “safety net.”

“It’s not something we want to use or intend to use in the first instance,” he said. “But it’s something we need as a last resort if our federal government isn’t there for us.”

email the author: news@queenspost.com

18 Comments

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ABoondy

and 2 billion of that money is just from his wife stealing through her fake homeless program. someone should open a gofundme page for him. the poor thing.

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David

@Enrique -If Trump was building the wall it would be on Fox Entertainment. You’ve been duped. Do you have any statements that are unique to you or is your whole routine stolen from Fox??

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Enrique

You lying sack of communist mierda! And Trump is building the wall. Some parts have been already built, but you won’t find out about it from the Clinton News Network!

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The border wall will cost $20 mil/mile

$45 billion in taxpayer money. Another tax-and-spend Republican.

Looks like making Mexico make a “one-time payment” for the wall was a lie, one you’re gullible enough to believe. Sad! There’s no economy, but he’s raising our taxes.

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Loler

who is the genious that answers anti deblasio posts assuming the neighbors are pro Trump?

FYI kiddo, free minds can be against both.

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Trump can't spell "hamburger"

“Genious?” Your phone doesn’t have spell check on it?! ?

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juan

Mayor gonna need to open streets back up to cars. Something tells me people gonna go into their cars after this. I tried to purchase a used car for my wife and compared to last spring there is few inventory being sold by owners.

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Roberto

Just one of his projects was THRIVE mental health $800mill. Only a few million of that can now be accounted for.He is a scammer.

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CV

Larry Penner you’re right on! They should all take a pay cut and DeBlasio is a moron. Haven’t met a single person who likes him, and he somehow managed to get elected twice. Worst mayor ever.

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Larry Penner

Mayor Bill de Blasio reminds me of J. Wellington Wimpy who famously said “I’ll gladly pay you Tuesday for a hamburger today.” TANSTAAFL – There ain’t no such thing as a free lunch or all the goodies promised by de Blasio over the past six plus years of his administration. He increased spending by $20 billion over the past six years and increased the city payroll by 30,000 under his watch. He never put aside any real money for a rainy day or economic downturn. The private sector and citizens make difficult financial decisions on how to use existing resources. New Yorkers prioritize their own family budgets. They make the hard choices in how existing household financial resources will be spent. If it can wait until later, it should be postponed till next year. City Hall must do the same. Mayor de Blasio should lead by example and take a pay cut. So too, should his commissioners, deputy commissioners along with any of his managers making above $125,000. Millions of New Yorkers manage to survive on salaries less than $100,000 annually.
Larry Penner

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Guest

They should have had billions in reserve if they weren’t wasting money all these years. Richest city in the world is poor. Maybe next time don’t sign bids over budget or allow contracts to extend and constructions to take forever, double triple the quoted timeframe. These things needs to be investigated and I hope someone comes in and catches all mismanagement.

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Gollie

At least 5 millions wasted with Bill the Blasio’s wife brilliant ideas.

What is he going to do?

Rise city taxes?

Continue to throw money with “free stuff” for non-taxpayers?

Did he realiced that money comes from small/medium business owners and no junkies and beggars?

Did he realized yet that illegals don’t vote and absorb city money?

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Someone should really build a border wall, huh?

> Did he realized [sic] yet that illegals don’t vote and absorb city money?

Why does Trump want open borders?

He pretended Mexico would make a “one-time payment” for the wall, YOU fell for it lmao.

Never built an inch. Now you want to blame NYC for having to clean up his mess?

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New Whirled Order

About a billion of that squandered by mrs Deblaz on some idiotic pet projects and/or secretely sent off to a the Cayman Islands. Either way deblaz should be thoroughly investigated.

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#dumpdeblasio

Well gee honey you shut down the economy and also release criminals what could go wrong ? Oh look !
Lady across street not wearing a mask
Send in the police

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Trump wiped out the ecomony

The president took 2 months to do a single thing, wiped out the economy, all the jobs, and 100,000 American lives

Sorry why is that de Blasio’s fault again? Libruls or something?

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