For everyday New Yorkers, I hope this report provides a realistic snapshot of the City’s economy. Don’t have time to read the whole thing? We’ve got you.

Here’s a quick rundown of the 2024 report:

New York City has climbed out from the economic downturn and disruption of the pandemic – with stronger economic growth than projected last year. But we face new economic and budget challenges from an incoming Trump administration. Cuts to federal aid, tariff, and immigration policies threaten to reverse recent growth and imperil the very fabric of New York City.
For two years, the Mayor consistently cried wolf that the City would go broke because of asylum seeker costs, when in reality the Adams Administration inflated projections for asylum seeker services by billions of dollars. The Comptroller’s Office projects that total spending on asylum seekers will be lower than assumed by $1.35 billion in FY 2025, $2.30 billion in FY 2026, and $1.90 billion in FY 2027.
The Adams Administration has scapegoated migrants and distracted New Yorkers with unnecessary fights about cuts to libraries and parks. Meanwhile, they continue to underbudget $3 billion every year in areas they know we will spend more on, like uniformed overtime and rental subsidies. And they have failed to contribute to the Rainy Day Fund, despite increased tax revenues.

It's pretty simple: New Yorkers deserve better than budget gimmicks. We deserve honest and fiscally responsible budgeting. Our City has finally recovered from the Covid-19 pandemic, but we still face the high cost of rent and daily living – and now face an incoming Federal administration bent on inflationary tariffs and reducing aid to municipalities.

By spotting the risks on our horizon, the City can better plan and use its resources to build, create, and manage a more livable and better run city. Read the 2024 State of the City’s Economy and Finances.

Thanks,

Brad