Gov. Kathy Hochul is funneling another $1.5 billion in taxpayer money to New York City, helping bail out fresh-faced Mayor Zohran Mamdani — who’s launched a full-court press to convince the state to hike taxes on the rich.

The governor committed an extra $1 billion to this fiscal year and another $500 million to next fiscal year, she announced Monday.

The Democratic socialist mayor is facing a financial shortfall ahead of his first budget this week — a massive hurdle for the new administration that promised billions of dollars would be spent on new freebies.

Hizzoner had caused a premature panic last month when he sounded the alarm about a $12 billion budget hole left by the Adams administration through underbudgeting.

But the Mamdani administration admitted just two weeks later that the gap was at least $5 billion smaller because officials failed to account for $7.2 billion in end-year tax revenue, mainly through Wall Street bonuses.

That didn’t stop Mamdani from continuing his tax-hike crusade, pushing Hochul and state lawmakers to raise taxes on people making $1 million by 2% in the Big Apple.

Hochul has repeatedly pushed back on the proposal — with insiders pointing to the potential political fallout with the governor up for re-election this year.

Political insiders believed the move from Hochul was to placate the socialist mayor and put an end to “Tax the Rich” calls while she runs for re-election and tries not to alienate moderates and independents.

“He gets to say he got something from Albany, which he said was the key to everything,” one Democratic insider said. “He gets a press release, she gets to not raise taxes in an election year.”

Democratic operative Michael Ceraso called Hochul an “opportunist” — accusing her of sending the city more money in a cynical ploy to quell the empowered liberal wing of her own party.

“She moves when there is a political stake,” he added, “The New York mayor now is surrounded by outspoken supporters who will challenge her.”

But the cash injection wasn’t seen as much of a win for Mamdani — who had pushed for a big money payday for the Big Apple. 

The governor’s office said the state will now pick up the tab for some initiatives that had costs shifted to the city, including $300 million for youth violence programs and another $60 million for public health. 

The announcement also includes millions of dollars in sales tax collection being sent back to the city.

The reallocation comes as the state and city are flush with funds from updated tax revenue, which officials say came in 24% higher than expected. 

This also isn’t the first time she’s sent back money to the city. 

Last year, Hochul sent $1 billion to New York City to help provide the final funding piece as part of the massive overhaul of city zoning, dubbed “City of Yes.”

“A strong New York City means a stronger New York state. This investment protects services and puts the city on stable financial footing,” Hochul said. “New Yorkers expect the state and the city to work together, and I’m proud to partner with the mayor to deliver for working families.”

Mamdani said he was “heartened” by the governor’s move.

“This is what it looks like to begin a new, productive, and fair relationship between City Hall and Albany — focused on delivering for working New Yorkers,” he added.

Mamdani is set to lay out his 2026 and 2027 fiscal plans on Tuesday — both of which must be balanced budgets.