Let's examine CUNY and the New York City Economy.


** New York by the Numbers
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** Monthly Economic and Fiscal Outlook
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Photo Credit: Mihai O Coman/Shutterstock


** No. 88 - April 9, 2024
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** A Message from the Comptroller
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Dear New Yorkers,

If April showers bring May flowers, we should have a gorgeous spring after all of last week’s rain. Our staff marked April Fool’s Day with an audit ([link removed]) designed to improve my style, but don’t hold your breath watching our Audit Recommendations Tracker ([link removed]) .

Kidding aside, the economic outlook for April is largely positive. The U.S. economy continues to grow fairly briskly, and inflation continues to abate.

Job creation in NYC has continued at a moderate pace, concentrated largely in health care. Unemployment remains low, suggesting that job growth may be constrained more by supply (available workers) than demand. Tourism is back up to pre-pandemic levels by most measures.

Our Budget, Policy, and Audit teams have been busy over the past month, with announcements on the City’s Debt Capacity ([link removed]) , Rent Stabilized Vacancies ([link removed]) , Infrastructure Assessment ([link removed]) , and more.

After three months of housing-focused Spotlights (rental market ([link removed]) , housing supply challenges ([link removed]) , and homeownership ([link removed]) ), we’re keeping a close eye on Albany. I’m keeping my fingers tightly crossed that the Governor and Legislature reach an agreement that will increase housing supply with a strong focus on affordability, strengthen tenant protections with good-cause eviction legislation, invest in housing preservation, and fund new rental vouchers to help homeless New Yorkers get off the street and out of shelter.

This month’s Spotlight ([link removed]) focuses on CUNY. Since the Free Academy in Manhattan received its state charter 177 years ago this month, CUNY has been a beacon of accessible higher education and an engine of economic opportunity. CUNY schools are consistently ranked among the best in the country for upward mobility for working class and low-income students. CUNY graduates half of NYC’s nurses, a third of our teachers, and many tech workers, entrepreneurs, scientists, artists, and accountants. Unfortunately, pandemic enrollment declines and Adams administration budget cuts present new challenges. But if the students, faculty, and staff that I’ve been meeting on recent visits are any sign, I have no doubt CUNY will rise to meet them.

With gratitude for the many CUNY alumni in our office helping watch the numbers,

Brad Lander


** Table of Contents
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** The U.S. Economy ([link removed])
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** New York City Economy ([link removed])
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** City Finances ([link removed])
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View the Full April Economic Newsletter ([link removed])


** Spotlight:
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** CUNY and the New York City Economy
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The City University of New York (CUNY) system is among the best higher educational institutions in the country at providing opportunity for working-class and low-income households to lift themselves out of poverty. CUNY’s faculty, staff, students, and graduates play a critical role in New York City’s broader economy. In recent years, CUNY has been struggling with budget cuts and pandemic enrollment declines. This month’s Spotlight ([link removed]) explores the CUNY system and its important role in New York City’s economic and social vitality.
View the Spotlight ([link removed])


** In Case You Missed It
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Over the past month, the Office of Comptroller released the following announcements on the state of NYC’s economy and finances:
* Rent-Stabilized Vacancies Plummeted Over Last 2 Years, Including for Units in Need of Repairs, New NYC Comptroller Report Finds ([link removed])
* NYC Comptroller Report Finds $12 Billion Increase in City’s Debt Capacity, Proposed in State Budget, is Both Reasonable & Sufficient to Meet City’s Capital Needs ([link removed])
* AUDIT: New York City Is Failing to Accurately Identify Its Infrastructure Repair Needs ([link removed])
* Providing Legal Services to Immigrants and New Arrivals in NY Could Yield Billions in Economic Benefits, New Report Finds ([link removed])
* NYC Comptroller Lander & Pension Fund Trustees Announce Agreements with Retail and Consumer Product Giants to Disclose Annual Workforce Diversity Data ([link removed])
* NYC Comptroller Audit Exposes 47th St BID’s Fiscal Mismanagement; Calls for City to Withhold Funds to Compel Changes in Leadership & By-Laws ([link removed])
* NYC Comptroller Lander and NYC Public Pension Boards Reach Agreement on Climate Finance Disclosures with JPMorgan Chase, Citi, and Royal Bank of Canada ([link removed])
* UPDATE to Comptroller’s “Accounting for Asylum Seeker Services” Online Hub ([link removed])

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