NYC Council’s Latest Economic Forecast Projects Nearly $2 Billion More in Tax Revenue than Mayor’s Office of Management and Budget in Fiscal Years 2026 and 2027

 

Driven by stronger-than-expected collections in personal income and business taxes, stronger outlook enables City to fund major budget priorities for New Yorkers while bolstering reserves

The New York City Council on Tuesday released its June 2026 Economic and Tax Revenue Forecast, which estimates nearly $2 billion more in tax revenue for Fiscal Years (FY) 2026 and 2027 combined than projected by the Mayor’s Office of Management and Budget (OMB). The forecast, which estimates an additional $1.5 billion in collections in FY 2027 alone, was released on the second-to-last day of Executive Budget hearings for FY 2027 held by the Council. The updated forecast was driven by stronger-than-expected collections in personal income and business taxes, and represents an improved outlook compared to the last forecast issued in March.

The Council expects tax revenue to grow at an average rate of 4.3% annually through FY 2030, a projection that is higher than its previous forecast and OMB’s expectations. Robust aggregate wage growth, higher Wall Street bonuses along with capital gains realization, and recent economic and collections data contributed to the Council’s improved outlook. However, despite improvements, this growth is still lower than the 5.5% annual average tax revenue growth New York City experienced between FYs 2010 and 2019.

The Council’s forecast uses data from May and is more recent than OMB’s latest revenue estimates, which were based on data as of April. The full economic forecast report can be found here. The Council’s second-to-last Executive Budget hearing will be livestreamed here.

“From the beginning of the budget process, the Council has maintained a measured and consistent view of the City’s fiscal outlook, prioritizing the identification of savings, efficiencies and revenue generators as ways to bridge potential budget gaps,” said Speaker Julie Menin. “This updated forecast confirms the overall resilience of the city’s economy and provides an opportunity to more fully fund priorities that address the affordability crisis, improve quality of life, and support working families. Just as importantly, it allows us to continue building reserves and protecting the City’s long-term fiscal health. We can invest in New Yorkers today while planning responsibly for tomorrow.”

With nearly $2 billion in additional tax revenues projected over FYs 2026 and 2027, the Council believes there is sufficient revenue to set aside some of those funds into reserves, while responsibly funding its top budget priorities, including greater investments for college savings accounts through NYC Kids RISE, for the Department of Consumer and Worker Protection to support its expanded responsibilities, additional personnel to clean up and improve city parks, expanding the Fair Fares discount transit program, providing greater support to cultural institutions, and adding a fifth firefighter for dozens of engine companies. More funds for programs to financially support homeowners and provide services to help older adults through the Department for the Aging will also be sought. Recognizing greater than usual uncertainty in the economy, the Council is also calling for a meaningful portion of the nearly $2 billion to be set aside as the first deposit into the City’s Rainy Day reserves since 2021.

The Council’s tax revenue forecasts have consistently been closest to predicting the actual collections compared to OMB and other monitors, according to an analysis measuring the variance between pre-fiscal year revenue projections and actual collections at the close of each fiscal year. A prior analysis conducted by the City Comptroller’s office in 2024 had similar findings, showing the Council’s forecast with lowest variance, using a different methodology reviewing forecasters’ projections for FY 2024 revenues measured in early 2020 and early 2024.

Attorney General James Reminds New York Hotels to Help Prevent Human Trafficking Ahead of the World Cup

 

AG James Urges Hotels and Lodging Facilities to Post Required Human Trafficking Resources and Exercise Increased Diligence as Millions of Visitors Travel to New York for the World Cup

New York Attorney General Letitia James today took action to help prevent human trafficking and protect New Yorkers as millions of visitors travel to the New York region for the FIFA World Cup. In a letter to ten New York hospitality and tourism associations, Attorney General James reminded hotels, motels, inns, and other lodging facilities of their legal obligation to post human trafficking information cards and hotline resources in visible locations. Large-scale international events such as the World Cup can increase demand for hospitality, temporary labor, transportation, and nightlife services, creating opportunities for traffickers to exploit vulnerable people. Attorney General James urged lodging facilities to remain vigilant and do their part to help identify, report, and prevent human trafficking. 

“Human trafficking is a horrific crime that can hide in plain sight, and hotels are often on the front lines of helping victims get the support they need,” said Attorney General James. “As New York prepares to welcome visitors from around the world, my office is reminding hotels and lodging facilities of their responsibility to post critical safety information and help protect vulnerable people from exploitation. A simple hotline card in the right place can help save a life.”

The FIFA World Cup begins on June 11, with the first match in the New York area scheduled for June 13 and the final scheduled for July 19. As New York prepares to host World Cup visitors and related events, hotels and other lodging facilities will play a critical role in preventing, identifying, and responding to human trafficking. Traffickers may use the hospitality industry to move, control, or exploit victims of commercial sex or forced labor. According to the National Human Trafficking Hotline, between 2007 and 2017, 75 percent of trafficking survivors reported coming into contact with hotels at some point during their trafficking situation.

In her letter, Attorney General James reminds the hospitality industry that New York state law requires hotels, motels, inns, and other lodging facilities with at least five rooms for guests to post informational cards concerning services for human trafficking victims and prominently display the National Human Trafficking Hotline telephone number. These cards must be made available in plain view in public restrooms, individual guest rooms, and near the public entrance or another conspicuous location in clear view of the public and employees.

Attorney General James has previously provided lodging facilities with cards containing information about services available to human trafficking victims, signs of exploitation, and guidance on how to contact the National Human Trafficking Hotline. Potential signs of exploitation may include individuals who appear unusually anxious, fearful, or submissive; are not in control of their own identification documents or money; work unusually long hours; are paid below minimum wage or not paid at all; owe a large debt to an employer or another person; live and work in the same place; or perform commercial sex for another person’s profit.

The National Human Trafficking Hotline number is: 1-888-373-7888. Individuals can also text HELP or INFO to 233733 for help. More information on human trafficking can be found on the Office of the Attorney General’s website and through New York’s Interagency Taskforce Against Human Trafficking.

Mayor Mamdani: The World Cup Belongs to New Yorkers

 

Affordable tickets, massive watch parties, free fan festivals and more 

  

Programs to uplift small businesses, cultural organizations and immigrant enclaves 

  

Transit improvements, public space upgrades and a plan to keep New York moving safely

With the first NYNJ World Cup match set to kick off Saturday, Mayor Zohran Kwame Mamdani today highlighted his administration's efforts to make the 2026 FIFA World Cup™ accessible to every New Yorker — delivering affordable tickets, free programming across all five boroughs, protections for workers and immigrants, and a comprehensive plan to keep the city safe and moving throughout the tournament.  

  

“The World Cup belongs to New Yorkers,” said Mayor Mamdani. “There is no better place on earth to host the world’s game than a city where every nation is already represented, where every language is spoken and every cuisine is eaten. We worked hard to make sure this tournament isn’t reserved for those who can pay for prime stadium seats. From affordable tickets and free events in every borough to protections for workers and immigrants, we have made this World Cup worthy of the people who make New York the greatest city in the world.”  

  

A World Cup New Yorkers Can Afford  

  

Mayor Mamdani has been clear that every New Yorker should be able to experience and enjoy the World Cup. To make that possible, the Mamdani administration has:  

  

•   Secured 1,000 affordable tickets to the FIFA World Cup 2026™ for New Yorkers at $50 per seat, including free round-trip bus transportation to MetLife Stadium.  

•   Rolled out a free, citywide slate of Official NYNJ Fan Events across all five boroughs, bringing live match viewings, cultural programming, local businesses and interactive experiences directly to New Yorkers at no cost.  

•   Announced a free watch party in Central Park for the FIFA World Cup 2026™ Final. More than 50,000 people are expected to attend.  

•   Launched “Soccer Streets” to transform 50 streets across all five boroughs into daylong soccer pitches, block parties and community celebrations.  

•   Extended field lighting for an extra hour at more than 50 locations this summer, adding 4,000 hours of play on soccer fields, basketball courts and athletic fields.  

•   Opened “FIFA Arena,” a temporary mini-soccer pitch in Central Park offering free clinics, tournaments and open-play opportunities throughout the tournament.  

•   Debuted a new episode of “NYC Field Guide” focused specifically on soccer, highlighting soccer bars, neighborhood parks and perspectives from New York City FC, Gotham FC and others. 

•   Released a World Cup promotional video featuring U.S. Men's National Team star Tim Weah and Bronx-born Palestinian soccer pioneer Morad Fareed – who helped lead Palestine's historic first-ever World Cup qualifying campaign – celebrating New York City's place at the center of the 2026 tournament.  

•   Created a free events calendar and map to help residents and visitors find free and low-cost events throughout the city, available at nyctourism.com/worldcup26.  

  

Supporting Small Businesses and Protecting Workers and Immigrants  

  

With more than one million visitors expected in the New York-New Jersey region during the tournament, Mayor Mamdani launched new initiatives to drive foot traffic to small businesses, community organizations, restaurants and cultural institutions while ensuring  workers and immigrants are  protected, informed and able to fully participate in the festivities.  

  

The administration has:  

  

•   Launched the “NYC Neighborhood Passport,” in partnership with Team Wonder and the New York Community Trust, encouraging visitors and residents to explore immigrant communities, cultural institutions, small businesses and community events throughout the tournament.  

•   Announced hundreds of restaurants across the city will offer $26 drink and meal specials through the “Five Borough Winners Special” program, offering people reliably priced dining options throughout the tournament.  

•   Created the World Cup Business Toolkit and other guidance materials, reaching more than 56,000 New Yorkers through webinars and SBS outreach efforts, with a focus on immigrant business corridors including Jackson Heights, Little Haiti, Koreatown and the South Bronx.  

•   Promoted and protected the city's iconic yellow taxis by cracking down on illegal trips, establishing branded taxi lines at key locations for World Cup travelers and ensuring taxis are featured prominently in transportation messaging.  

•   Promoted the NYNJ Host Committee's “Welcome World Rewards” program, helping drive customers to participating small businesses throughout the tournament.  

•   Launched a sweeping “Know Your Rights” blitz to protect workers and immigrants . The Mayor's Office of Immigrant Affairs (MOIA) distributed a new bilingual "Referee Kit" — modeled on soccer's yellow and red card system and available in more than 10 languages — connecting immigrants with legal services, labor protections and domestic and gender-based violence resources while providing information on constitutional rights during interactions with federal immigration authorities.
•   Directed the Department of Consumer and Worker Protection (DCWP) to notify more than 77,000 licensed businesses of their obligations under workplace protection laws, launch targeted inspections and conduct weekly “Worker Rights Day of Action” series to educate 20,000 New Yorkers on their rights.  

  

Keeping New York City Safe and Mobile  

  

The Mamdani administration has coordinated with City agencies, state partners and regional stakeholders to prepare for an influx of visitors, while ensuring New Yorkers can continue moving safely and reliably throughout the tournament.  

  

The Mamdani administration has:  

 

•   Announced a Midtown transportation plan for each of the eight local match days, including dedicated corridors for buses and shuttles, restrictions on nonessential vehicle traffic, coordination with businesses to reduce truck deliveries during peak periods and expanded public transit messaging. Launched the most NYC Ferry service in city history, adding vessels and trips on high-demand routes to keep commuters, recreational riders and visitors moving reliably.  

•   Activated a unified citywide coordination structure, including the City’s Emergency Operations Center, to respond to operational needs and severe weather events.  

•   Convened interagency working groups focused on public safety, health services, transportation, infrastructure, events, human services, community engagement and regional coordination.    

•   Opened a Joint Information Center to provide clear, accurate and multilingual information before, during and after emergencies.    

•   Launched a dedicated Summer 2026 Notify NYC alert system, allowing New Yorkers and visitors to receive real-time updates throughout the tournament by texting SUMMER26 to 692-692, with options in English, Spanish and French.  

•   Established a Special Pathogen Response Team for high-consequence public health incidents.  

•   Prepared 11 NYC Health + Hospitals acute-care facilities to serve as cooling centers during Code Red heat emergencies and expanded outreach during extreme heat events.  

•   Coordinated with FDNY and DSNY to increase emergency preparedness, hazard detection and sanitation operations around transit hubs and major event sites.   

  

Building a Better City Beyond the Tournament  

  

Mayor Mamdani is delivering a series of permanent transportation and public-space improvements designed to improve daily life for New Yorkers long after the final whistle.  

 

The administration has:  

•   Created a new dedicated, center-running eastbound bus lane on Broadway in Queens to improve travel to LaGuardia Airport.
•   Launched a transformational redesign of parts of Ninth Avenue to expand pedestrian space, improve cycling infrastructure and extend bus-priority lanes.  

•   Announced a suite of bike lane and pedestrian space upgrades from SoHo and the East Village to Union Square, creating continuous north-south bike connections from the Brooklyn Bridge to Astor Place and Union Square.  

•   Established a new dedicated bike connection to the Brooklyn Bridge along Centre Street, creating fully separated bicycle and pedestrian access.
•   Began doubling the width of a popular protected bike lane on Sixth Avenue and expanding pedestrian space to improve safety for all users.  

Mayor Mamdani Cuts Ribbon on Affordable Co-Ops at ANCP Morningside, Highlights Homeownership Agenda in Block by Block Housing Plan

 

ANCP Morningside transforms three formerly abandoned buildings in Morningside Heights into permanently affordable, shared-equity homeownership opportunities for working class New Yorkers

  

Block by Block housing plan includes major investments in homeownership, resident-controlled co-ops and protections for existing homeowners

Today, Mayor Zohran Kwame Mamdani celebrated the ribbon-cutting of the ANCP Morningside affordable homeownership project and highlighted the administration's commitment to expanding for homeownership through Block by Block: The Housing Plan for a New Era.   

  

The ANCP Morningside project transformed three long-neglected buildings into permanently affordable, shared-equity cooperatives for working class New Yorkers. Mayor Mamdani joined City leaders, neighborhood residents and project partners Genesis Companies and Habitat for Humanity New York City and Westchester County to cut the ribbon on the development, which includes 36 affordable homes and two ground-floor commercial spaces. The project was financed under the Department of Housing Preservation and Development (HPD)’s Affordable Neighborhood Cooperative Program (ANCP), which rehabilitates and converts City-owned buildings into affordable cooperatives.  

  

Block by Block, released May 26, makes significant investments in affordable homeownership, resident-controlled cooperatives, community land trusts and programs that help existing homeowners remain in their homes. Investments in the Mayor’s Executive Budget will increase the creation of affordable homeownership opportunities by 85% over the next two fiscal years and establish Our Home, a new program that will build on the successes of ANCP to convert a wider range of buildings into resident-controlled cooperatives.   

  

The budget will also double the number of affordable homeownership opportunities created through the Open Door program and expand the HomeFirst down payment assistance program.  

  

“For generations, homeownership has been a clear path to stability, but it’s become out of reach for working class New Yorkers. Projects like ANCP Morningside show what is possible when we expand cooperative and community ownership and Block by Block will ensure more New Yorkers have the chance to put down roots and build a future here, whether they rent or own,” said Mayor Mamdani.  

  

“Our work to address the housing crisis is about more than just a place to lay your head – it is about ensuring that every New Yorker has a safe home where they can build a life. Through Block by Block, we are investing in affordable homeownership and co-op projects like ANCP Morningside so that even more New Yorkers can benefit from housing stability. This is just one piece of our work to treat the housing crisis with the ambition, scale, and urgency that New Yorkers deserve,” said Leila Bozorg, Deputy Mayor for Housing and Planning. 

 

“We aim to lead the nation in every area of housing — building neighborhoods for working people, preserving affordability, and even something that many thought was impossible: affordable homeownership,” said Patrick Love, Deputy Commissioner for Development at HPD. “By transforming three neglected buildings into affordable coops, we are investing in Harlem and enabling families to finally build equity in their neighborhoods. Thank you to Habitat for Humanity, Genesis Companies, and the Community Preservation Corporation for believing in affordable homeownership.”  

  

Block by Block also includes new measures to support and protect existing homeowners across the five boroughs. The plan creates the City’s first Mayor’s Office of Deed Theft Prevention and directs HPD to launch the Mortgage Assistance Program (MAP), which will provide repayable, no-interest loans to low-income homeowners facing financial hardship.   

  

The Mamdani administration will also strengthen the HomeFix program to help homeowners make critical repairs, publish a comprehensive homeowner resources guide and improve access to the Senior Citizen Homeowners’ Exemption (SCHE) and the Disabled Homeowners’ Exemption (DHE) programs, helping more New Yorkers remain in their homes.  

  

In addition, HPD, the Department of Buildings and the Landmarks Preservation Commission will provide financial and technical assistance to help homeowners create ancillary dwelling units (ADUs), making it easier to bring in extra income, add space for family members and age in place.   

  

Block by Block is the Mamdani administration’s strategy to tackle New York City’s housing crisis with the scale and urgency the moment demands. Beyond its homeownership initiatives, the plan outlines a path to build 200,000 affordable homes and preserve another 200,000 over the next decade. It also includes stronger tenant protections — including an overhaul of how the City responds to building code complaints — improvements for NYCHA residents, support for workers who build housing and reforms to streamline housing permitting and affordable housing placements.  

Ahead of FIFA World Cup, Governor Hochul Announces Activation of State Emergency Operations Center and Updates New Yorkers on Severe Weather

State Emergency Operations Center Activates June 10 through July 20 for Historic Summer of Events: FIFA World Cup, Sail4th 250 and America 250 Events

Division of Homeland Security and Emergency Services Conducted Over 1,000 Trainings, Exercises and Assessments With State, Local and Federal Partners in Preparation for Summer Events

Feels-Like Temperatures in the High 90s, Low 100s and Severe Thunderstorms Possible for Areas Across New York State Thursday and Friday

Saturday Feels-Like Temperatures in the High 80s Align With First Match of the FIFA World Cup Taking Place in New York/New Jersey

New Yorkers Can Sign Up for Weather and Emergency Alerts by Texting 333111

Governor Kathy Hochul today announced the State Emergency Operations Center (EOC) has activated today through July 20 ahead of the FIFA World Cup, Sail4th 250 and America 250 events happening throughout the state this summer. The State EOC activates for any incident statewide that requires State-level monitoring or response, serving as the state’s multi-agency hub for disaster response and recovery. Yesterday, Governor Hochul urged New Yorkers to prepare for a multi-day stretch of high outdoor temperatures that will impact areas across the state through the weekend. Severe thunderstorms are also possible across the state Thursday and Friday, with the potential for power outages, downed trees and localized flash flooding due to heavy rain.

“Public safety is our top priority this summer, and we are standing watch so New Yorkers and visitors alike can enjoy all the state has to offer this summer,” Governor Hochul said. “But there are still things you can do to keep yourself and your loved ones safe. Stay hydrated, dress appropriately for the weather and if you’re attending events in groups, come up with a place to meet in the event you get separated. Have fun this summer in the great state of New York.”

At the same time the EOC is activated, the State Fire Operations Center will also activate. Additionally, staff from the State Office of Emergency Management will also be embedded in various regional command posts throughout the state as well as New Jersey’s Emergency Operations Center for game days and around July 4. World Cup game days being held at New York New Jersey Stadium (MetLife Stadium) are June 13, June 16, June 22, June 25, June 27, June 30, July 5 and July 19.

The New York State Division of Homeland Security and Emergency Services has prioritized coordination and preparation between State, local and federal partners ahead of this unprecedented summer of activities. As part of this effort to enhance safety and security preparedness, the Division conducted over 1,000 trainings and exercises with local, state and federal partners. That includes the Office of Emergency Management (OEM) organizing approximately 81 courses and the Office of Counter Terrorism (OCT) conducting exercises at 993 locations statewide and assessing 240 infrastructure locations across the State, including stadiums and arenas, malls and shopping centers, colleges and universities, airports, transit hubs and other mass-gathering locations. DHSES also coordinated major full-scale exercises at key transportation venues in NYC, including Moynihan Train Hall and Grand Central Terminal.

AIR QUALITY HEALTH ADVISORY ISSUED FOR LONG ISLAND AND NEW YORK CITY METRO REGIONS

 

In Effect for June 11, 2026

New York State Department of Environmental Conservation (DEC) Commissioner Amanda Lefton and State Department of Health (DOH) Commissioner Dr. James McDonald issued an Air Quality Health Advisory for Thursday, June 11, 2026, for ozone for the Long Island and New York City Metro regions.  

The pollutant of concern: Ozone  

The advisory will be in effect: 11 a.m. through 11 p.m. 

The Air Quality Health Advisory regions consist of: Long Island, which includes Nassau and Suffolk counties; and New York City Metro, which includes New York City and Rockland and Westchester counties. 

DEC and DOH issue Air Quality Health Advisories when DEC meteorologists predict levels of pollution, either ozone or fine particulate matter (PM2.5), are expected to exceed an Air Quality Index (AQI) value of 100. The AQI was created as an easy way to correlate levels of different pollutants to one scale, with a higher AQI value indicating a greater health concern.

OZONE  

Increased heat can lead to the formation of ground-level ozone, a major component of photochemical smog. Automobile exhaust and out-of-state emission sources are the primary sources of ground-level ozone and the most serious air pollution problems in the northeast. This surface pollutant should not be confused with the protective layer of ozone in the upper atmosphere. 

Ozone is not directly emitted, instead it is produced when sunlight chemically reacts with nitrogen oxides (NOx) and volatile organic compounds (VOCs) from automobile exhaust and industrial emissions. High AQI due to ozone is not as visible as PM2.5 because it is a colorless gas but will produce hazy skies and reduce visibility in high concentrations. 

People, especially those with cardiovascular disease (such as pre-existing heart disease or high blood pressure) and those who have respiratory disease (such as asthma), young children, the elderly, those who exercise outdoors, and those involved in vigorous outdoor work should consider limiting strenuous outdoor physical activity when ozone levels are the highest (generally afternoon to early evening). When outdoor levels of ozone are elevated, going indoors will usually reduce exposure. Individuals experiencing symptoms such as shortness of breath, chest pain, or coughing should consider consulting their personal physician. 

Ozone levels generally decrease at night and can be minimized during daylight hours by curtailment of automobile travel and the use of public transportation where available.

New Yorkers also are urged to take the following energy-saving and pollution-reducing steps: 

• use mass transit or carpool instead of driving, as feasible, as automobile emissions account for about 60 percent of pollution in our cities; 
• conserve fuel and reduce exhaust emissions by combining necessary motor vehicle trips; 
• turn off all lights and electrical appliances in unoccupied areas; 
• use fans to circulate air. If air conditioning is necessary, set thermostats at 78 degrees; 
• close the blinds and shades to limit heat build-up and to preserve cooled air; 
• limit use of household appliances. If necessary, run the appliances at off-peak (after 7 p.m.) hours. These would include dishwashers, dryers, pool pumps and water heaters; 
• set refrigerators and freezers at more efficient temperatures; 
• purchase and install energy efficient lighting and appliances with the Energy Star label; and 
• reduce or eliminate outdoor burning and attempt to minimize indoor sources of PM 2.5 such as smoking.

Additional information on ozone and PM 2.5 is available on DEC's website and on DOH's website (PM 2.5) / DOH's website (ozone). A new DEC fact sheet about the Air Quality Index is available on DEC’s website or by PDF download https://dec.ny.gov/sites/default/files/2024-05/aqiweb.pdf.

To stay up-to-date with announcements from DEC, sign up to receive Air Quality Alerts through DEC Delivers: DEC's Premier Email Service. A toll-free Air Quality Hotline (1-800-535-1345) was also established by DEC to keep New Yorkers informed of the latest air quality situation.