New York Note: NYS FY26 Budget and Client Spotlight

May 12, 2025

NYS Passes FY26 Budget

New York State legislators passed the $254B Fiscal Year 2026 state budget, reflecting an increase of $17B from FY25. The FY26 budget included inflation refund checks (up to $200 for individuals and $400 for families), an increased payroll mobility tax to fund the MTA capital plan, increased criminal penalties for crimes committed while wearing a mask, ease of discovery requirements, a “bell to bell” cell phone ban in schools, a 90-day ban on private equity bidding on single- and two-family homes, $50M for a four-year pilot of the Housing Access Voucher Program, $35M for security enhancements at places of worship targeted by hate crimes, an expansion of involuntary commitment laws, and new rules surrounding algorithmic pricing. Additionally, New York State will be paying off $7B in unemployment insurance debt owed to the federal government out of its “rainy day funds,” which will alleviate the strain on small businesses. State leaders expect that they may need to return later this year to update the budget in response to actions taken by the federal government.

Client Spotlight: Central Park Conservancy

Central Park Conservancy recently celebrated the opening of the new Davis Center at the Harlem Meer. Central Park Conservancy rebuilt the former Lasker Rink and Pool to better integrate the facility into the landscape, offer new and enhanced outdoor activities, and increase access for communities around the north end of Central Park. The Davis Center will be a pool in summer, an ice skating rink in winter, and a turf space for outdoor activities.

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