$127 billion is the size of NYC's Preliminary Budget for Fiscal Year 2027. After reporting a yawning $12 billion budget gap estimate, Mayor Mamdani revised that number down to $5.4 billion, thanks in part to Governor Hochul's willingness to chip in. But don't let the shrinking gap fool you: the underlying problems will not go away without making some tough choices. The Mayor proposes to raise personal income, business and property taxes to close the gap, but are tax hikes really the City's only option? Here to help us explore the City's budget crisis and potential solutions is CBC's Vice President for Research Ana Champeny.