New York City in brief

Thousands of New York City residents will find their emergency housing vouchers expiring by year’s end, as federal funds vanish four years ahead of schedule—a timing faux pas for those hoping for shelter. State Senator Brian Kavanagh and housing advocate Nicole Branca now press Albany to bolster the state’s own Voucher Program, presumably so the musical chairs game doesn’t end with quite so many left standing.

Faced with the likely cancellation of over 20 major solar projects—enough to power 2 million homes—we in New York are rediscovering our affection for public ownership, as private developers wilt under tariffs, inflation, and meagre profit margins. With $400 million now budgeted for the New York Power Authority to expand renewables, perhaps nostalgia for FDR’s public power era will prove more reliable than faith in market whims.

American households now owe $1.28 trillion on credit cards—a jump of 66% since the pandemic, per the New York Fed—with average balances hitting $11,500 at a bruising 23.7% interest. Despite “improving” US economic data, incomes lag, prices stay high, and roughly 111 million adults carry balances, delaying even basic medical care. At this rate, creditors might soon know more about us than our doctors do.

In Manhattan’s marble halls, Mayor Zohran Mamdani and Council Speaker Julie Menin have closed ranks to tackle New York City’s looming $5.6 billion budget gap before a constitutionally mandated June 30 deadline. Their plan—trim spending, squeeze Albany for a PTET credit tweak, and inveigh against the city’s perennial funding shortfall—met Governor Kathy Hochul’s flat “not happening.” Apparently, New York’s economic engine must run on chutzpah and hope alone.

As New York City Mayor Zohran Mamdani waits, hat in hand, for Governor Kathy Hochul to pump more cash into his $5.4bn budget gap, Albany’s own $263bn fiscal wrangling drags past the 25-day mark, giving both leaders ample opportunity for unhurried brinkmanship. A delayed executive budget now looks increasingly likely—after all, nobody rushes to play the villain when someone else can wear the horns.