Overview

• The budget maintains a pandemic-era tax surcharge on high-income earners, adding to the state's financial burdens.
• New York City is left to cover the full $12 billion cost for housing and supporting over 180,000 migrants, receiving only $2.4 billion from the state.
• Governor Hochul rolls back critical public-pension reforms, potentially adding $4 billion to state liabilities.
• The budget fails to effectively address the proliferation of illegal marijuana stores, complicating public safety efforts.
• New housing policies and mayoral control of schools are compromised, with significant caveats limiting their effectiveness.