00:00At the heart of this path is a property tax increase.
00:04This would effectively be a tax on working and middle-class New Yorkers who have a median income of $122
00:09,000.
00:10The second path also requires us to raid our reserves.
00:14It would mean withdrawing $980 million from our city's Rainy Day Fund in fiscal year 2026
00:20and $229 million from the Retiree Health Benefit Trust in fiscal year 2027.
00:27These are steps that have been taken before, but only in moments of extraordinary external crisis.
00:33Mayor Bloomberg's response to the 2008 financial collapse
00:36and Mayor de Blasio's response to the enormous revenue shortfall caused by the pandemic.
00:41We do not want to have to turn to such drastic measures to balance our budget.
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