Chamber to City Council: No new taxes, no raiding reserves — find real savings and invest in growth

Manhattan Chamber submits testimony opposing property tax hike, new corporate taxes, and reserve drawdowns in FY2027 Preliminary Budget

NEW YORK, NY — Today, the Manhattan Chamber of Commerce submitted written testimony to the New York City Council’s Committee on Finance as part of the Preliminary Budget hearings for Fiscal Year 2027. The Chamber’s testimony opposes all three revenue paths proposed by the Mamdani administration: a 9.5 percent property tax increase, new taxes on high earners and corporations, and a nearly $1 billion drawdown of the city’s Rainy Day Fund.

Jessica Walker, President and CEO of the Manhattan Chamber of Commerce, stated:

“New York City doesn’t have a revenue problem. It has a spending velocity problem. The city’s budget has grown by $20 billion in just a few years and is now $127 billion — larger than Chicago, Los Angeles, and Houston combined. In an economy flashing stagflation warnings, with tariff uncertainty rattling every supply chain in the five boroughs, this is the moment for discipline, not expansion.

“The administration’s Chief Savings Officers are a good start, but a 1.5 percent savings target is not serious when Bloomberg routinely demanded 3 to 5 percent. The Council has already identified $1.7 billion in savings without touching the reserves. Go further. And while you’re at it, invest in the one engine that generates billions in tax revenue without costing taxpayers a dime: tourism. The FIFA World Cup is coming this summer. Over $7 billion in annual tax revenue flows from visitors. That’s the growth strategy — not higher taxes on the businesses keeping this city alive.”