NYC’s New Comptroller Sounds Alarm on Two-Year Deficit of $12.6 Billion

New York City is staring down a $2.18 billion budget deficit for the current fiscal year and another $10.4 billion gap for the next one, newly installed Comptroller Mark Levine said, confirming estimates by his predecessor.

The expected shortfalls point to major financial challenges ahead for the city, Levine warned. He blamed middling economic growth for contributing to the deficits and criticized the fiscal management of former Mayor Eric Adams.