Gov. Kathy Hochul presented the Executive Budget for fiscal year 2027 on Jan. 20.
According to Hochul, the budget aims to make New York more affordable for residents through monumental investments, without raising income taxes. The budget, projected to be $260 billion, is a 0.7% increase from the previous fiscal years, yet New York still maintains its AA+ credit rating, signaling a stable budget with very low credit risk.
Despite the expensive investments, Hochul planned to not increase income taxes while the budget maintains $14.6 billion in reserves to be used for a “rainy day.”
Hochul also announced the allocation of $90 million toward supporting a tuition freeze for resident undergraduate SUNY and CUNY students at four-year colleges.
She also allocated $6.8 million for CUNY Beyond, a new career readiness program that prepares students for the workforce and encourages more people to pursue higher education.
CUNY Chancellor Félix Matos Rodríguez released a statement later that day thanking the governor for her investments.
“This funding will help CUNY triple participation in paid internships, increase employer recruitment by 20% and generate an estimated $3 billion in future wage growth — yielding a $700 million return on public investment,” Rodríguez said.
Hochul is also furthering her “Let Them Build” agenda, which aims to create 100,000 affordable homes in New York state. So far, 77,000 have been built or preserved. On top of a previous $25 billion housing plan, Hochul plans to allocate an additional $250 million in funding to speed up housing construction.
Additional housing investments include $100 million for the Move-In NY home ownership program, which builds new homes at higher speeds and lower costs, and $153 million for the Homeless Housing and Assistance Program.
New York’s EBT card security will also be further improved to protect New Yorkers from criminals stealing residents’ SNAP benefits.
Other notable aspects of the budget are $38.2 billion for New York’s Medicaid program, $8.6 billion for Metropolitan Transportation Authority operations and $80 million to protect access to reproductive health care.
Hochul also invested $66 million toward the Hunger Prevention and Nutrition Assistance Program, aiding the state’s food banks and providers.
Following Hochul and Mayor Zohran Mamdani’s recent investment into free child care for two- year-olds in New York, Hochul has also allocated over $8.6 billion toward child care altogether since taking office in 2021.
The full report can be found on New York State’s official website.
