If just 10,000 to 15,000 high-net-worth individuals (out of 8 million people) move their primary residence to Florida, NYC loses nearly $2 billion in annual revenue. That would immediately trigger the "Emergency Financial Control Board" mechanisms last seen in 1975

Mamdani has proposed an ambitious affordability agenda that creates immediate fiscal pressure: 

• The Inherited Gap: He is entering office with a projected $5 billion to $8 billion budget deficit for FY 2027 left by the previous administration. 

• The Funding Gap: His signature plans (Universal Childcare at ~$6B/year and Fare-Free Buses at ~$800M/year) rely on $10 billion in new taxes on millionaires and corporations.

• The Albany Barrier: NYC cannot raise these taxes on its own; it needs approval from the New York State Legislature and Governor. If Albany says "No," Mamdani faces a choice: cut his programs or run a deficit.

RESOLUTION:

• Resolves YES if under mayor Mamdani the the New York State Financial Control Board (FCB) is put in charge of the city’s finances much as it did during the 1970s fiscal crisis (Specific Triggers below)

• Will extend resolution date if Mamdani serves multiple terms as mayor

The Triggers: What would cause a "Takeover"?

For the FCB to end its current "sunset" (passive) mode and seize active control of NYC’s budget, one of these specific legal triggers must occur:

• A Deficit > $100 Million: If the city ends a fiscal year with a gap of more than $100 million that it cannot close. 

• Default on Debt: If the city fails to pay its bondholders. 

• Loss of Market Access: If banks and investors refuse to buy NYC bonds, preventing the city from borrowing.

• Violation of Accounting Standards: If the city uses "budget gimmicks" (like those used in the 1970s) to hide spen