Wall Street’s booming year will not be enough to stave off a financial crisis that Mayor Zohran Mamdani says is worse than the Great Recession nearly two decades ago. 

“Wall Street’s announcement is something that is very encouraging and frankly will be helpful in dealing with a $12 billion fiscal deficit,” Mamdani said in an interview on Bloomberg Television’s Balance of Power on Thursday. 

But it might not be enough.

“The reason I cannot point to Wall Street and say the deficit will be taken care of is simply the sheer scale of this deficit. We are talking about something that is larger frankly than what the city even faced during the Great Recession.” 

He discusses his push to hike taxes to fill budget gaps, how his city dealt with recent severe cold and more with Bloomberg's Myles Miller.