Happy Juneteenth, New Yorkers!

Juneteenth is a celebration of the end of chattel slavery—and it's also a necessary reminder that hundreds of years later, Black Americans still feel the weight of government-sponsored racism and discrimination. When we keep a strong focus and shared vision of building a more equal and inclusive city, it means a thriving City and world for ALL of us.

At the Office of the Comptroller, we shine a spotlight on what's possible when our City invests in Black communities equitably, because we know that marshalling resources that narrow racial and socio-economic disparities yields solidarity dividends that benefit everyone.

Earlier this year, the Office of the Comptroller released a study of the racial wealth gap in New York that reaffirmed support for reparations. We found that white households in New York have a median household net worth of $277,000, nearly 15 times greater than Black households with net household worth of $19,000. We look forward to hearing more from New York state's newly established Community Commission on Reparations. 

Even though Black New Yorkers make up nearly a quarter of our City’s population, just 1.57% of the City’s contracts go to Minority and Women-owned Business Enterprises (MWBE). Our office is working to change this. In the first fiscal year of my administration, the value of pension assets being managed by MWBE firms increased by nearly $2.7 billion. And last fall, we issued plans to increase our investments with MWBE managers by $27 billion, growing MWBE participation from 11.65% when I arrived to 15% by 2025, and to 20% by 2029. 

Finally, my office marked 70 years since Brown v. Board of Education – the milestone Supreme Court decision ruling that separating children in public schools on the basis of race was unconstitutional – with a comprehensive report in partnership with education nonprofit Appleseed NY on class size in NYC public schools. 

70% of NYC public schools are still intensely segregated after generations of redlining, gentrification, and unequal access to schools with screened admissions. Racial isolation and concentrations of poverty are the conditions that make school segregation so pernicious. Our report demonstrates how intentional and inclusive school mergers can be a viable, cost-effective way for NYC Schools to meet NY State’s new class size mandate—all while centering diversity and equity. 

Today, I am not only celebrating Freedom but also reaffirming my own commitment to justice and equality. You can find more information about our work to close the racial wealth gap can be found on our Equity Landing Page.  

Together, we can build a brighter and more equitable future for all New Yorkers – Juneteenth and every day.  

In solidarity, 

Brad 

The Office of New York City Comptroller

Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States

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