Hold onto your wallets, New Yorkers -- Mayor-elect Zohran Mamdani is walking into a fiscal disaster with a projected $2.18 billion budget shortfall staring him down as he takes office.

As Mamdani gears up to lead, he’s facing a financial quagmire that could swell to over $13 billion by 2029, driven by lagging economic growth and underestimated costs, according to a stark report from outgoing Comptroller Brad Lander, as the New York Post reports.

Let’s break down how this budgetary black hole came to be.

Mamdani Inherits a Daunting Deficit

Start with Mayor Eric Adams, who took over with a hefty $5.4 billion deficit from Bill de Blasio, pushing him to make tough cuts early on.

An Adams spokesperson boasts their policies “have set the table for a thriving economy” with a stabilized budget. If that’s true, why does Mamdani’s starting line look more like a financial cliff?

Lander, a progressive ally of Mamdani and congressional candidate, didn’t shy away from the truth, describing it as “a challenging fiscal situation.” Coming from a friend, that’s less a warning and more a flashing red light.

Progressive Agenda Meets Harsh Reality

Lander’s annual report on the city’s economy reveals expenses have outstripped revenues for three years, thanks to fading federal pandemic aid and rising costs from asylum seekers straining resources.

Add to that the threat of federal funding cuts and tricky contract negotiations with the Police Benevolent Association and DC 37, the city’s largest municipal union, and the fiscal forecast only darkens.

Undaunted, Mamdani has pledged over $10 billion in new spending for his ambitious agenda, planning to bankroll it with tax increases on corporations and the wealthy. It’s a bold move, but with a $2.18 billion gap, it feels like trying to patch a dam with a Band-Aid.

Experts Sound Alarm on Fiscal Woes

Democratic strategist Bill Cunningham cut straight to the chase, saying, “On Day One, Mayor Mamdani will be confronted with nothing but fiscal problems to deal with before even trying to get additional funds.”

Mamdani’s team, meanwhile, stayed silent when asked for comment on this brewing storm. Dodging the issue won’t make the deficit disappear, though.

The Adams administration flaunts AA bond ratings from Moody’s, S&P, Fitch, and KBRA as proof of their fiscal prowess. Ratings are nice, but they don’t fill budget holes, and Mamdani’s challenges suggest the “strong foundation” might be more hype than reality.

Can Mamdani Navigate Budgetary Turbulence?

To give credit, Mamdani’s goals seem rooted in a desire to tackle real issues facing New Yorkers. But governing isn’t just about ideals -- it’s about hard numbers.

Taxpayers need a mayor who can dream without drowning the city in debt. Mamdani must prove his progressive plans can withstand economic headwinds.

The road ahead is steep, and New Yorkers are watching to see if Mamdani can balance his vision with the cold, hard math of a city budget in crisis.