Following reports that New York City Mayor Zohran Mamdani is expected to scrap his planned property tax hike, Gov. Kathy Hochul and Mamdani announced a new $4 billion state funding package to help close the city’s budget gap.

The agreement gives City Hall a fiscal boost after Mamdani had pushed Albany for additional aid, while his proposed nearly 10% property tax hike faced strong opposition from the City Council.