The FY 2025 Adopted Budget has $4.75 billion budgeted for Asylum Seekers. Assuming that the census remains relatively flat (compared to OMB’s higher projections), and using the target per diem of $335, the Comptroller’s Office projects that overall costs will be closer to $3.42 billion.
Most of the Mayor’s increase in projected tax revenues over the five-year April Financial Plan period comes from upward revisions to the City’s income taxes (business and personal) and real-estate transaction taxes.
New York City’s economy faces perhaps some more difficult challenges than the nation at large, as the city’s highest paying sectors have been undergoing some job-reducing restructuring over the past year
Challenges to a full economic recovery remain. New York City was hit earlier and harder by the pandemic and has experienced a disproportionate share of the impact.