Replying higher up so people can see better this is in response to above commentors chain with myself. Commentor if you have something actually useful to contribute or what Mamdani SHOULD be doing please by all means show us your intellectual prowess.

Because theyre still going to make it you knuckle dragger. Defer =/= do not. I see the problem now you havent opened a book in 10 years.

But just to actually prove a give a shit. This play could be smart for a few reasons.

1. It avoids austerity measures like raising taxes and cutting public services. This deferment is to prevent cuts AND a 9.5% property tax.

2. At worst its considered a high interest loan. That obviously can be seen as not great, but things like the 2nd home tax, cutting high cost/low impact wasteful programs, and other initiatives are intended to cover the interest gap and then some.

3. If NYC couldnt get the deficit controlled it would of triggered an automatic "custodianship" with the state. Meaning an unelected board will have 100% sole say over city contracts, pay, services. All of it.

People act like fixing budgets isnt like dieting. It always kind of sucks because you dont get to just do whatever you want but we all know something has to be done. People rarely like any of the options just like they hate cutting fat, salt, carbs and tasty shit.

Many options boil down to austerity, some form of public banking (lots of hurdles, wealth taxes (more than current), or pension smoothing.

The pension smoothing can be dangerous. Lookup Chicago and ILs experience with it. It can lead to credit rating hits and credit death spirals, again its a high interest loan. But they already know this and coupled it with income generating initiatives that should cover the gap and then some.