A provision in state law that sets the cap hadn't been adjusted since 2006.
Increased outlays on education, pensions and healthcare threaten to blow multibillion dollar holes in New York's finances.
Almost half the inflows came from mutual fund holders selling shares at a loss to offset gains and swap into ETFs.
Plummeting demand for municipal bonds from individual investors roiled the market for public offerings this year.
Only about 11% of muni bond trading volume was executed electronically in May.
Declining enrollment and higher labor and supply costs have forced 327 nursing homes to shut down since 2020.
Citigroup estimates that municipalities will sell about $35.5 billion of new debt in May.
He's asking Governor Kathy Hochul and the legislature to raise the cap from 25% to 35%.
Federal stimulus help and strong revenues have prompted tax cut talk in over a dozen states.
The firm's strategists see housing bonds performing well in an environment of rising interest rates.
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