Watch CBS News

Gov. Kathy Hochul says she won't propose tax hikes in upcoming state budget to get New York City out of fiscal crisis

Hochul says she won't raise taxes to pull NYC back from fiscal abyss
Hochul says she won't raise taxes to pull NYC back from fiscal abyss 02:28

NEW YORK -- Gov. Kathy Hochul vowed to help pull New York City back from the edge of the fiscal abyss, but there's one thing she won't do to help the city close a $7 billion budget gap: raise taxes. 

Hochul said she's really concerned about a possible drop in public safety that could result from Mayor Eric Adams' proposed budget cuts. But in terms of what she's willing to do, let's just say it was a total "read my lips" moment. 

"I'm not raising taxes in our budget this year. Taxes are high enough in the state of New York and we have to live within our means," said Hochul. 

And there it was.

Hochul made a promise to voters and a stern warning to city officials that, while she's willing to find extra aid in the state budget to help the city deal with the fiscal cliff it's currently perched on, there will be no tax hikes to help pay the bills for the asylum seeker crisis or make up for the reduction in federal COVID aid. 

"I'm talking to my budget team right now about how we can support the city because the city has to be safe, and we'll work with the mayor to try and overcome some of these barriers," said Hochul. 

Although Adams has announced 5% cuts to every city agency, including the NYPD. 

The proposed cuts include canceling the next five police academy classes, which could see the number of officers drop to 29,000, the fewest since the 1990s. 

"The city needs to be safe. I'll work with the mayor to make sure that's accomplished," said Hochul. 

In the past, the governor has provided state aid for police overtime on the subways so there could be more cops on platforms and trains.

What can the city expect in the new budget that will be announce in January? 

"I fully expect there will be additional money to help with the migrant situation in our state budget. Without a doubt there will be assistance there. So, law enforcement, continue to partner with the mayor and find out how we can help, particularly when it comes to insuring that the subway is safe. The state of New York, MTA, runs the subways. The city polices it. But what else I can do with MTA transit police and other areas to make sure our commuters feel said," said Hochul. "I don't have the answers today on what we'll do, other than I know we'll be there to help the city once again." 

Gov. Hochul, Mayor Adams make housing announcement in NYC 20:23

While Adams will gladly welcome state aid, he has made it clear he also needs more money from the federal government to deal with the asylum seeker crisis. 

So far, the mayor has heard crickets from the White House. 

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.