FPI Annual Budget Briefing: Fiscal Year 2027 Executive Budget (Virtual)
A recording of FPI's First Look briefing about Executive Budget FY 2027, delivered on January 22, 2026.
Statement on NYC’s Preliminary Budget: Progressive Taxes and Increased State Aid are Best Solutions to City Budget Challenges
Growth in the City’s budget should be seen as a necessary expense for sustaining one of the greatest cities in the world, not as fiscal recklessness, and the State ought to do its part to help the City manage this crisis.
FPI Statement on City Budget Crisis: It’s Time to Raise City Taxes
Governor Hochul's Executive Budget includes commitment to partnering with Mayor Mamdani in pursuing universal childcare and acknowledgement of the State's strong fiscal condition. But it shows no plan to prevent the twin crises that will result from federal funding cuts under the so-called “One Big Beautiful Bill Act”
FPI Briefing: First Look at the Executive Budget FY 2027
A recording of FPI's First Look briefing about Executive Budget FY 2027, delivered on January 22, 2026.
FPI Statement on the FY 2027 Executive Budget
Governor Hochul's Executive Budget includes commitment to partnering with Mayor Mamdani in pursuing universal childcare and acknowledgement of the State's strong fiscal condition. But it shows no plan to prevent the twin crises that will result from federal funding cuts under the so-called “One Big Beautiful Bill Act”
FPI Briefing: Response to State of the State FY 2027
A recording of FPI's briefing in response to the State of the State FY 2027, delivered on January 15, 2026.
Statement on the FY 2027 State of the State
On January 13, Governor Hochul delivered her annual address on the State of the State for Fiscal Year 2027. Her address centered affordability in New York, putting forward a flagship new deal with New York City to expand universal childcare statewide. However, the Governor’s speech has a glaring omission: the impact of Federal cuts on health insurance for up to one million New Yorkers.
FPI Applauds Hochul-Mamdani Childcare Deal
New York's public school system, built in the nineteenth century, entitles New Yorkers aged five to twenty-one to free education. More recently, policymakers, including Governor Hochul and Mayor-elect Mamdani, have committed to finishing the project by extending universal education and care to children under the age of five.
A Tax Plan for Statewide Universal Childcare
New York's public school system, built in the nineteenth century, entitles New Yorkers aged five to twenty-one to free education. More recently, policymakers, including Governor Hochul and Mayor-elect Mamdani, have committed to finishing the project by extending universal education and care to children under the age of five.
A Tax Plan for Universal Childcare in New York City
The single most decisive factor in whether New York City ends up with a truly universal childcare system is whether that system is supported by sustainable, recurring revenue that grows with the program over time.
City Council’s Housing Bills Would Make Housing Less Affordable
New York City Council will likely vote next week on a series of “term sheet bills” that would legislate new rigid restrictions on city-financed affordable housing development and preservation. These bills will drive up the cost of developing new affordable housing in the city and put major obstacles in the way of the incoming Mayor’s affordable housing agenda.
The State Budget Outlook
New York State’s Division of the Budget forecasts overestimate the risk of revenue shortfalls but also underestimate the OBBBA impacts, thereby minimizing their impact on the state budget.
Fiscal Policy Institute Staff Join Mamdani Administration Transition Committees
NEW YORK, NY | The Fiscal Policy Institute today announced that three senior staff members have been appointed to the transition committees for the incoming Zohran Mamdani administration. The FPI staff joining the incoming Zohran Mamdani administration’s transition committees are: Executive Director Nathan Gusdorf, who will bring expertise in tax law and budgetary policy to the Committee on Government Operations; Chief Economist Emily Eisner, a specialist in macroeconomics and public finance, who joins the Committee on Housing; and Director of Health Policy Michael Kinnucan, an [...]
New York’s Millionaires Will Get a $12 Billion Federal Tax Cut Next Year
The OBBBA will save New York taxpayers who earn $1 million in annual income a collective $12 billion in federal taxes each year. This is equivalent to an annual average tax cut of $129,600 per millionaire taxpayer, 2.7 percent of their total income.
Governor Hochul Commits $106 Million to Fighting Hunger During Federal Shutdown
With the federal shutdown entering its thirtieth day, it is now expected that federal funding for SNAP benefits (food stamps) will run out at the end of October. This morning, Governor Hochul announced an additional $65 million in funding for charitable food assistance, bringing overall state funding for emergency food assistance to $106 million. We commend the governor for her efforts to keep New Yorkers fed while the federal government gambles with human lives. The best way to ensure that the forty-two [...]