Three Months Into Mamdani’s Term, NYC Gets A Big Credit Downgrade

Moody’s downgraded New York City’s financial outlook from “stable” to “negative” on Wednesday, citing a projected $5.4 billion budget deficit. The deficit was unveiled by Democratic Mayor Zohran Mamdani during a preliminary budget hearing in February. Mamdani has proposed increasing the city’s budget from $115 billion under his predecessor to $127 billion for the upcoming fiscal ...