Summary

• The NYC Comptroller has projected a $2.2 billion budget shortfall for FY2026, growing to a $10.4 billion gap in FY2027.
• Even at the $500 million headline figure, the pied-à-terre tax covers less than 5% of the projected two-year gap.
• The Comptroller projects outyear gaps of $7.1 billion in FY2028, growing to $9.8 billion by FY2030.

Welcome to The Muni Brief, a series on municipal credit and markets. In each installment, Senior Municipal Strategist James Colby examines current events, policy developments, and fiscal trends through the lens of the muni investor — covering topics both local and

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