No. 95 - November 13, 2024
New York by the Numbers
Monthly Economic and Fiscal Outlook
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Photo Credit: Igor Link
A Message from the Comptroller
Dear New Yorkers,
Last Tuesday, Donald Trump was elected to serve as the 47th President of the U.S. Even with a week’s perspective, it still hits me like a punch in the gut. I believe that Trump’s presidency will be a catastrophe for our country.
In the days ahead, we will need to reckon honestly with the outcome, and stay humble where that challenges our prior assumptions and hopes. Voters, including many here in NYC, expressed deep dissatisfaction with the cost-of-living and a sense of disorder. We have urgent work to do to deliver a safer, more affordable, more livable, and better run city for all New Yorkers.
At the same time, we must prepare to protect our city and the New Yorkers who will face the brunt of Trump’s cruel policies. That’s why our Spotlight [[link removed]] this month assesses the risks posed by the Trump Administration to New York City’s budget, economy, infrastructure, and people.
The goal is to provide a clear-eyed view of the risks and threats posed by the Trump Administration, based on his campaign, Project 2025, and his first term. If Trump follows through on his plans, New York stands to lose billions of dollars for infrastructure, housing, schools, and healthcare. We would likely face a new round of inflation. And vulnerable New Yorkers – immigrants, LGBTQ, and those who need reproductive healthcare – will face grave threats.
In some areas, we can take action now: Governor Hochul and the MTA need to move immediately to implement congestion pricing, or we’re going to lose $15 billion that we need to invest in modernizing our subway, that we’ll never get back.
In other areas, there may be room to form unusual coalitions: many of President Biden’s infrastructure and climate investments are in red states, so we may be able to work with Republicans to save key parts of those programs.
And in some cases, we must prepare to stand up to bullying and authoritarianism: to stand against the mass deportation of families who have committed no crimes, who are working hard building and cleaning homes, making and delivering food, caring for kids and elders.
New Yorkers will have widely varying perspectives on these challenges, befitting the diversity of our city, and reflecting a deeply divided country. What the Comptroller’s office can offer is a clear-eyed view of the risks and threats, to help inform our work together to protect New York City, its people, and our shared future to the greatest extent possible.
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Brad Lander
Table of Contents
* The U.S. Economy [[link removed]]
* New York City Economy [[link removed]]
* City Finances [[link removed]]
Highlights
* The Federal Reserve lowered interest rates by another 25 basis points, as inflation has shown further signs of subsiding.


* Nationwide job growth paused in October, largely due to disruptive effects of Hurricanes Helene and Milton in the Southeast. However, the U.S. unemployment rate held steady for the 3rd straight month.


* While NYC employment dipped in September, it still seems to be on a modest upward trend. However, all of the net job creation continues to accrue to the Health & Social Assistance sector.


* Initial jobless claims and WARN layoff notices—both leading indicators of labor market trends—remained subdued over the past month.


* Office market indicators continue to reinforce the premise that New York City’s commercial real estate sector has bottomed and begun to recover.
View the November Newsletter [[link removed]]
Spotlight
Protecting New York City
The election of Donald Trump poses significant threats to New York City’s budget, economy, infrastructure, and people. In lieu of a traditional Spotlight this month, my office is releasing a report on the potential impacts of a Trump presidency on New York City’s budget, economy, infrastructure, and people.
View the Spotlight [[link removed]]
In Case You Missed It
Over the past month, the Office of Comptroller released the following announcements on the state of NYC’s economy and finances:
* New York City Comptroller’s Office Releases Fiscal Year 2024 Annual Comprehensive Financial Report [[link removed]]
* NYC Comptroller Lander Proposes Excluding Future Private Markets Investments in Midstream and Downstream Fossil Fuel Infrastructure by the New York City Retirement Systems [[link removed]]
* NEW AUDIT: NYC Comptroller Lander Finds DOF Improperly Granted $6.5+ Million in Co-op/Condo Tax Abatements Since 2019 [[link removed]]
* Comptroller Lander & Taxi Workers Alliance Demand an End to Uber & Lyft’s Cruel “Locking Out” of Drivers to Skirt Pay Rules [[link removed]]
* NYC Comptroller Lander Launches Comprehensive Immigrant Workers Resource Guide [[link removed]]
* NYC Comptroller Lander Rolls Out Strategic Plan for Street Safety in the Era of Micromobility [[link removed]]
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Office of the New York City Comptroller
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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