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Don’t have time to read an entire economic report? :-) Here’s what you need to know about 2023’s State of the City’s Economy and Finances:
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New York City’s economy is stable, following the pandemic-induced recession and the uncertainty of just one year ago. Jobs are back above pre-pandemic levels.
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Still, there are big out-year budget gaps. We’ll need stronger management from City Hall to close these gaps without gutting core services — like libraries, CUNY, parks programs, and more.
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We can control costs in areas like overtime spending, rather than cutting vital public programs. And a modest state-level revenue increase on the very highest earning households will allow NYC to continue social programs like 3-K and Summer Rising.
In addition to our analysis of the overall economy, my office also published findings on New York City’s spending on asylum seekers. The most economically productive way to reduce shelter costs isn't to displace homeless families.
Instead, we should expand access to legal services, case management, and workforce development that will help new arrivals obtain work authorization and employment as a path out of shelter. A newly-opened clinic that helps process the estimated 15,000 recently eligible Temporary Protective Status (TPS) applications in partnership of the City, State, and Federal government is a promising model to build upon.
View the State of the City’s Economy and Finances report.
Here’s to a thriving economy,
Brad
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