CNN PANICS as Kevin O’Leary EXPOSES NYC Mayor’s INSANE Budget Plan
NYC IN CRISIS: KEVIN O’LEARY SLAMS MAYOR MAMDANI’S “INSANE” $127 BILLION BUDGET — PROPERTY TAXES SOAR 9.5%, MIGRANT SPENDING SKYROCKETS, AND WORKING-CLASS FAMILIES PAY THE PRICE
NEW YORK CITY — It was a moment that left financial pundits reeling and everyday New Yorkers shaking their heads in disbelief. Kevin O’Leary, the “Mr. Wonderful” of Shark Tank, appeared on CNN and did what no one dared: publicly tore apart Mayor Zohran Mamdani’s newly unveiled $127 billion budget, calling it “bat poo poo crazy” and warning that the city’s working-class homeowners are about to get slammed like never before.
At the center of O’Leary’s furious critique? A proposed 9.5% property tax hike, $1.2 billion in spending for migrant services, and what he described as a total lack of fiscal experience on the part of a mayor who has never run a business, never met payroll, and suddenly holds the reins to the largest city budget in U.S. history.
“This is beyond insane,” O’Leary said, shaking his head. “You think the rich are paying for this? Wrong. The people who can leave will leave. And the rest of you? You’re going to be taxed into oblivion.”
A $127 Billion Question: Who Pays?
The city of New York faces a projected $5.4 billion fiscal deficit in 2026, ballooning to $8.8 billion in 2027 according to independent analysts. Yet Mayor Mamdani’s answer, critics argue, is to spend more money than ever before while promising free buses, city-owned grocery stores, expanded childcare, and universal healthcare initiatives — all at a time when the city is already teetering on financial collapse.
Mamdani claims there are two potential paths to balance the books:
Raise taxes on millionaires and the most profitable corporations — the so-called “sustainable” option.
Raise property taxes on average New Yorkers and raid the rainy day fund — the “last resort,” which, as O’Leary and others point out, is the path already submitted in the preliminary budget.
“This is literally the plan,” O’Leary said. “He calls it a last resort — except that’s what he handed in. That’s what you signed off on. You’re taxing people who can barely make it through the month to fund initiatives you promised on the campaign trail.”
The Rich Get a Pass, the Middle Class Gets Slammed
According to O’Leary, raising taxes on millionaires in New York is already reaching astronomical levels — the city sits among the highest tax jurisdictions in the United States. A 2% increase on the wealthiest residents is significant, but Mayor Mamdani’s proposed property tax hikes threaten to crush everyday families who already struggle to pay rent or maintain homeownership in neighborhoods like Flatbush, Bay Ridge, Jamaica, and the Bronx.
“The idea that the wealthiest are going to pick up the tab? Forget it,” O’Leary warned. “It’s going to be you. You live in New York. You’re working class. You’re going to pay 110% of what’s being asked because he’s not going to tax the rich enough.”
O’Leary’s point is simple: when the wealthy can move, they do. “They leave for Florida, Texas, Tennessee. And the people who stay? The ones who can’t leave — they pay the price. The chart the mayor waved around? Selective data. It counts only the people who stayed. The ones who left? Gone. Invisible.”
Migrant Spending Shock: $1.2 Billion on Top of Everything Else
Adding to the fiscal frenzy is $1.2 billion earmarked for migrant services, a figure O’Leary calls “unrealistic and irresponsible.” Between 2021 and 2024, the city already spent over $10 billion on migrants, with $3.75 billion in 2024 alone at the peak of the crisis. Now, in the midst of this unprecedented budget, the mayor proposes another massive infusion of funds — while simultaneously planning to raise property taxes on the very residents who have already been stretched to their limits.
“This city cannot balance its books with these numbers,” O’Leary said. “You’re threatening the people you promised to protect — while giving more money to a crisis that’s already cost the city billions.”
Childcare and “Affordability” Promise vs. Reality
Mayor Mamdani also touted the expansion of childcare for two-year-olds: 2,000 seats this year and 12,000 next year. Sounds good — until you consider New York City has over 8 million residents.
“It’s an affordability agenda that actually makes life more expensive for the people he claims to be helping,” O’Leary said bluntly. Higher property taxes will inevitably raise rents, shifting the cost burden directly to the working families, renters, and small homeowners who can least afford it.
“The mayor is promising the moon while charging residents a mortgage to get there,” O’Leary quipped.
Cuts? Minimal at Best
One of the most controversial aspects of the budget is the cap on agency savings. The mayor has instructed Chief Savings Officers to limit reductions to 2.5%, even as the city faces billions in deficits. O’Leary notes that a CFO of any real business would demand much deeper cuts to core operations when staring at a $5 billion hole — but Mamdani, having never managed a private business or payroll, is running a $127 billion operation as if this is a sandbox.
“This isn’t just a math problem,” O’Leary said. “It’s a management problem. You can’t run a city like a social experiment. The numbers don’t add up, and the plan punishes the wrong people.”
Promises vs. Reality
During campaign season, Mamdani promised free buses, free healthcare, and expanded social programs. O’Leary reminds viewers that the mayor knew the receipts didn’t add up before being elected. Independent budget offices, the state controller, and citizen budget commissions all projected the fiscal gaps. Yet, the promises went ahead anyway — designed to win votes, critics say, without any realistic path to funding.
“This is what happens when you elect someone who’s never balanced a budget in the real world,” O’Leary said. “You get a plan that looks great on paper but slams families in reality.”
The Bottom Line
O’Leary’s scathing assessment is clear:
Property taxes for working-class New Yorkers could spike 9.5%, the largest increase in decades.
$1.2 billion in new spending for migrants adds further strain.
Savings targets are limited to 2.5%, leaving inefficiencies and waste largely untouched.
The wealthy may avoid significant increases, leaving ordinary residents to foot the bill.
“This is a city on the brink,” O’Leary warned. “If this budget passes as-is, the working people — the people who can’t leave — are going to pay for policies designed to make the city more ‘generous.’ Generous for some, crushing for others.”
Reaction Across the City
The budget has sparked concern from multiple corners:
Residents worry about skyrocketing property taxes translating into higher rents.
Small business owners fear that additional taxation and inflated expenses will hurt operations.
Fiscal watchdogs argue that the plan is unsustainable, borrowing against future revenue while failing to address systemic inefficiencies.
Meanwhile, Mamdani insists the property tax hike is a “last resort” and that he will pursue higher taxes on the rich wherever possible. Critics, including O’Leary, point out that the preliminary budget already prioritizes the property tax path — undermining claims that the city is trying to shield ordinary residents.
A National Lesson in Fiscal Reality
Kevin O’Leary’s warning isn’t just for New Yorkers. It’s a lesson for cities across the country: promises without fiscal responsibility can have catastrophic consequences.
“This isn’t a partisan issue,” O’Leary said. “It’s about math. It’s about economics. It’s about reality. And New Yorkers deserve someone who understands how money works before they promise the world.”
What Happens Next
As the city budget moves through legislative review, public hearings, and final approval, residents will be watching closely. Critics fear the combination of high property taxes, increased spending on social programs, and limited operational cuts could destabilize the city’s finances for years to come.
O’Leary’s parting words are stark:
“You deserve what you vote for. And right now, what New Yorkers are looking at is a mayor who promised everything knowing the numbers didn’t work. If this goes through, the pain is going to land where the mayor promised it wouldn’t — on working-class families who already struggle.”
New York City is at a fiscal crossroads. One path may require sacrifices from the wealthy. The other? It’s a full-scale tax shock to the people who live and work in the neighborhoods that built this city.
The question now is: will Mayor Mamdani pivot to the sustainable path, or will working-class New Yorkers pay the ultimate price for promises that never balanced?
