@ny1: Mayor Zohran Mamdani says his administration has balanced the city budget, closing an over $5 billion gap in the past three months. “We have closed the gap entirely, down to zero. It has not been easy, but we balanced the budget and we have done so without placing the burden on the backs of working New Yorkers,” the mayor said while announcing his proposed budget Tuesday. Mamdani said this proposed budget does not raise property taxes or slash services. The City Council still needs to vote to approve the budget before it's finalized.